August 10, 2022

Looting of Ukrainian grain and rising cost of agricultural production

Looting of Ukrainian grain and rising cost of agricultural production

From the Ag Information Network, I’m Bob Larson with your agribusiness update.

**The Alabama Cooperative Extension Service will be hosting its 2022 Gulf Coast Breeders’ Conference on August 12 at Grace Fellowship Church in Atmore, and all ranchers are welcome to attend.

Topics will include beef industry advocacy, beef imports and

Exports, Market Prospects and Opportunities for Price Protection, Lower Input Costs, and Management and Storage of Bahia Grass in the Deep South

Once again, the 2022 Gulf Coast Cattlemen’s Conference will take place on August 12 in Atmore.

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For more information or to register, contact Kelly Palmer at [email protected] or by phone at 251-654-7149.

www.morningagclips.com/gulf-coast-cattlemens-conference-august-12/

** The Initiative for the Study of Russian Piracy has launched a new project, to expose the scale and potential impact of the plunder of Ukrainian assets by Russia.

According to www.agrimarketing.com, ISRP will release a report concluding that Russia has looted over half a million metric tons of Ukrainian grain and 11,000 metric tons of Ukrainian steel.

The theft has raised fears of a man-made famine, and the resulting economic impact is already being felt around the world.

www.agrimarketing.com/s/141796

** In 2021, the USDA indicates that the price of agricultural production reached $392.9 billion, up 7.3% from the previous year.

The top four spending totaled $189.4 billion, just over 48% of all spending last year.

These four categories are animal feed at 16%, agricultural services at 11%, livestock, poultry and related expenses at 10%, and labor at 9.4%.

Diesel is the largest subcomponent at $8.4 billion, accounting for 65% of total fuel, up 18%.