Russia’s invasion of Ukraine has caused grain costs to soar as both countries contribute a large portion of those products globally.
The Russian invasion of Ukraine has laid bare the world’s dependence on Russian President Vladimir Putin and its neighbor now under siege, including the fact that the two countries supply much of the grain needs around the globe and prices for grain are now the highest they have been in six decades.
“This reliance has many traders worried that any further military force could trigger a massive scramble by food importers to replace supplies normally sourced from the Black Sea region,” Fox Business. “Chicago futures for grain closing 41 percent higher than the previous week at $12.09. That jump marks the biggest gain over six decades. On Monday, the price closed up for the 6th consecutive day.”
Fox Business interviewed Ryck Suydam, a farmer who said he paid $17,000 to fertilize his 300-acre farm last year and that to fertilize just half of his average this year will cost $34,000.
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