When Russia invaded Ukraine in February 2022, the impacts could be felt all around the world almost immediately at the pump, at the grocery store checkout, and by farmers who were trying to get the supplies they need for their spring planting season.
"While we're all feeling the pinch at the grocery store, please know farmers aren't getting rich as a result of it," says Veronica Nigh, a senior economist for American Farm Bureau Federation.
What's driving the prices?
With the conflict still unfolding in Ukraine, what happens now that more than $27 billion in agricultural exports from Ukraine alone will be taken out of circulation? That's not even factoring in Russia and it's exports - including food & energy.
Does this mean we will we run out of food if we continue to drain our world food supply?
Nigh helps to answer ALL these questions and the fear many farmers have as they look to the end of the year in this 30 min. conversation.
Will we run out food? While it may be a while before this is a concern in the U.S. (thanks to our farmers efficiently producing high yielding crops and exporting a lot of the excess to help feed other countries), the reality is it’s more pressing at the moment for other areas of the world (she explains who could suffer the worst). Also, this could become a bigger concern for the U.S. pending the timeline of this conflict as U.S. farmers rely on my products from Ukraine and Russia including fertilizers. That means if farmers can't get the products they need, this will have a direct impact on prices and availability to our favorite items.
Nigh wrote an article titled Ukraine, Russia, Volatile Ag Markets. It dives a bit deeper into some of the topics we discuss in this episode. Also in this episode, we reference the crop calendar for Ukraine – you can get a look at it HERE.
This is an awful humanitarian crisis that has left many of us wanting to help. Inside the Bullseye Host, Amy Pflugshaupt is a former journalist who wants to caution you to be careful who you donate to as there are many out there that use situations like this to unfairly take advantage of those that want to help. So please - do your research before donating.
Inside the Bullseye is made possible by ABS Global. And ABS’ parent company – Genus – has informed its team that the company will be donating to the Ukrainian Red Cross to help its vital humanitarian work. It has also shared some other organizations that its employees could consider donating to – links below:
GlobalGiving’s Ukraine Crisis Relief Fund
The United Nations Ukraine Humanitarian Fund
*There are a number of great organizations to donate to, but again please just do your research first.
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