United States: Prices didn’t get this way overnight

When Russia invaded Ukraine on Feb. 24, it brought into sharp focus just how interrelated the world’s commodity markets and supply channels are. Wheat and then corn prices shot up as farmers faced prospects of even higher fertilizer and fuel prices. But producers and analysts who had been following those markets for months saw the developments as a continuation of a process that began when weather problems began to unfold in several regions of the world in 2020. “I think we need to go back and remember that while Russia and Ukraine are on our minds, we didn’t get here overnight,” said Dr. Seth Meyer, USDA’s chief economist, speaking during a webinar presented by the U.S. Soybean Export Council. “We didn’t get here with these higher prices overnight. “I think many of your producers would say prior to the fall of 2020, maybe their sentiment wasn’t so positive in terms of prices” he said. “In 2020, China comes back into the market. Demand is robust. We see corn and beans really show ...