The Russian blockade of Ukraine may keep millions of tons of grain off of global markets, would could lead to famine in dozens of countries.
The Russian blockade of Ukraine may keep millions of tons of grain off of global markets, would could lead to famine in dozens of countries.
Transcript
As the Russian invasion of Ukraine drags on, observers are concerned about the availability of grain from the region to feed the global population.
Kees Huizinga, Dutch Farmer in Ukraine: “There's still 25 million tons and grain and oil seeds left in Ukraine, that's a third of last year's harvest, so we already have a huge logistical problem.”
Huizinga moved to Ukraine 20 years ago and manages 37,000 acres of farm ground. The stocks of last year’s crops still in storage will soon be in the way of this summer’s harvest.
The main logistical bottleneck is the closed port at Odessa. While the city remains under Ukrainian control, the Russian navy continues to limit shipping in the Black Sea to only Russian ports.
Huizinga: "I am really anxious, yeah. The only option to get the grain out of Ukraine is through the Black Sea ports. They have to be open, that's the only option."
The World Food Program is warning that an inability to distribute grain from the Black Sea region will lead to famine in dozens of countries, which could lead to political destabilization in multiple parts of the world.
David Beasley, Executive Director of the UN's World Food Program: “People that are in serious food insecurity that are on the brink of famine? We have 49 million knocking on famine's door right now in 43 countries. I could tell you which 43 countries very well will have famine, destabilization and mass migration. There's only one solution to getting the food, the grains out of Ukraine. It's the ports, the ports in the Odessa region.”
For Market to Market, I’m Peter Tubbs.
Watch More
The Farm Bill clears the House with an unknown future. The Supreme Court takes up the issue of cancer warnings for RoundUp. Extremes in weather from tornadoes to rain to wildfires hit across the country. And, commodity market analysis with Arlan Suderman.
Cotton, Hormuz Straight, inflation, energies, the Mexican border closure, drought and the Fed's balance sheet are all topics covered in our Market Plus.
Arlan Suderman breaks down the impact of global weather on the wheat, corn and soybean markets in addition to inflation already showing up in commodities in our Market Analysis
Chicago Fed agricultural economist David Oppedahl discusses the state of the Midwest farm economy in 2026 as we look at farmland values, cash rents, lending conditions, and why today's challenges look very different from the 1980s farm crisis.
After three years of delays, the U.S. House passed a new version of the Farm Bill. The bill now goes to the U.S. Senate.
A week of fires, floods and severe weather covered much of the country.