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PROMINENT AG ECONOMIST: RUSSIA'S INVASION IS LARGEST DISRUPTER OF GRAIN PRICES, SUPPLY IN OUR LIFETIME
Mar. 3, 2022
by Keith Good, U Of Illinois' FarmDoc project
David L. Stern, Alex Horton, John Hudson and Kareem Fahim reported on the front page of today's Washington Post that, "Russian forces laid siege to key urban areas across Ukraine on Wednesday, advancing on the strategic port city of Kherson and bombarding Kharkiv, the nation's second-largest city, while facing fierce resistance and resupply challenges in other areas."
Meanwhile, Bloomberg writer Elizabeth Elkin reported "Russia's invasion of Ukraine could devastate global grain markets so deeply that it's likely to be the biggest supply shock in living memory."
"Tens of millions of acres of grain production are at stake.
I am convinced it is going to be the biggest supply shock to global grain markets in my lifetime,' Scott Irwin, an agricultural economist at the University of Illinois.
The Bloomberg article indicated that, "The world 'desperately' needs farmers to plant more acres in 2022, he said, but 'basically nothing can be done in the short-run except to run up the price of grain high enough to ration demand.'"
In his Twitter thread on Wednesday, Irwin stated: "So my simple proposal is to let every CRP [Conservation Reserve Program] acre be eligible for cropping for 2022 and only 2022. No interruption of payments or contracts. Just change the rules on an emergency basis so it can be cropped if a farmer wants to risk it this year."
To read the entire article click here.Russi
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