Successful Farming published an article describing what expert economists feel about the Russian invasion of Ukraine and the global food supply. The Russian invasion of Ukraine will strain world grain supplies for months to come, driving up prices and inflation rates, said a panel of economists on Tuesday. “God, forbid we have a weather problem this year,” said Dan Basse, head of AgResource Co., who described the war in the Black Sea region as the greatest supply shock since World War I.
Senior research fellow, Joseph Glauber said, “I think all bets are off now” regarding inflation, because of questions over the volume of future grain production in Ukraine and Russia and how much of it would reach the world market. “I know this isn’t necessarily the most popular suggestion, but I think the (United States) should consider suspending these mandates” for biodiesel production and use. To me, food sort of trumps that.”