Russia-Ukraine war continues to impact U.S. producers
It’s been one year since Russia’s invasion of Ukraine and an ag economist says U.S. farmers and ranchers continue to feel its ripple effects.
Greg McBride with Allendale says interest rates are on the rise.
“We know that our inflation around the world is starting to come down, but you have these central banks coming out and continuing to raise rates,” he said. “We may be looking at a recession in the third or fourth quarter of this year.”
He tells Brownfield ag inputs skyrocketed last year and prices remain elevated.
“It bites into their profits,” McBride said. “You may even have quite a few saying they don’t necessarily have profits at these levels.”
McBride says global food security is a concern moving forward as a result of the war.