Ukraine US Agriculture Prices -- USAGM
Metadata
- Ukraine US Agriculture Prices -- USAGM
- May 21, 2022
- Language English
- Transcript/Script English UKRAINE-US AGRICULTURE PRICES HEADLINE: Grain Prices Soar as Ukraine War Drags On TEASER: PUBLISHED AT: 5/19/2022 at BYLINE: Kane Farabaugh CONTRIBUTOR: DATELINE: Chicago, Illinois VIDEOGRAPHER: Kane Farabaugh PRODUCER: Kane Farabaugh SCRIPT EDITORS: Bowman, Mia Bush VIDEO SOURCE (S): VOA PLATFORMS (mark with X): WEB __ TV X RADIO __ TRT: 2:55 VID APPROVED BY: Jepsen TYPE: TVPKG EDITOR NOTES: ((INTRODUCTION)) [[As U.S. farmers head to the fields to plant this year’s crops, prices for grains like corn and soybeans are near record highs. As VOA’s Kane Farabaugh reports, those high prices come with increased costs for both farmers and consumers. ]] ((NARRATOR)) As he plants corn and soybeans in his fields in northern Illinois, farmer Mark Tuttle expects this to be a very good year for crop prices. ((Mark Tuttle, Farmer)) “We sold corn for 2 bucks [dollars] for a long time and we got by, and now we got corn – today, I just saw it was 8 dollars [a bushel].” ((NARRATOR)) Soybean prices are also near record highs. That’s the good news. ((Mark Tuttle, Farmer)) “But that’s at the expense of other things.” ((NARRATOR)) Like input costs to buy fertilizer and seeds. ((Mark Tuttle, Farmer)) “Back when corn was 2 bucks, seed corn was maybe 80 dollars an acre. Now seed corn is getting to be 140, 150, 160 dollars an acre. Everything has kind of doubled.” ((NARRATOR)) That’s because the global supply chain to support and distribute grain crops like corn, soybeans and wheat is still experiencing disruptions stemming from the coronavirus pandemic, compounded now by Russia’s war with Ukraine. ((Mike Doherty, Illinois Farm Bureau Senior Economist)) “There’s almost no shipping taking place out of the Black Sea, which is a combination of both Russia, which ships almost entirely through the Black Sea ports, combined with Ukraine. Right there you have 30% of the global exports of wheat being shut off due to that war and you also have an impact on corn exports as well.” ((NARRATOR)) Mike Doherty, a senior economist with the Illinois Farm Bureau, says Russia is also a key international supplier of oil and natural gas. Now subject to sanctions as a result of its war with Ukraine, Russian supplies on the international marketplace are dwindling as buyers search elsewhere, causing petroleum prices to spike. ((Mike Doherty, Illinois Farm Bureau Senior Economist)) “It’s all part of the energy complex, and these increasing petroleum prices is really what’s behind or the drivers behind these increasing fertilizer prices.” ((NARRATOR)) Farmers rely on fertilizer to help their crops thrive. But that’s not all that’s cutting into Tuttle’s bottom line. He says the price of diesel fuel to power his tractors and trucks has also nearly doubled since last year. ((Mark Tuttle, Farmer)) “I know they want to switch over to more green energy sources, but in the same sense, all of the farmers run on diesel fuel and so you can’t limit our supply right now.” ((NARRATOR)) War in eastern Europe, drought in the Western United States and South America, and increased demand for biofuels derived from corn and soybeans to offset the increased cost of petroleum are all contributing to increased costs for food, and rising inflation. ((Mark Tuttle, Farmer)) “Inflation is tough on us right now. You know 8 or 9 or 10 percent, whatever they are talking. It’s affected at the farm gate all the way to the consumer.” ((NARRATOR)) Which is why Tuttle’s outlook for this year is tempered by the reality that the more money he makes, the more he has to spend. ((Mark Tuttle, Farmer)) “The margins compared to 20 years ago are very similar, you are just handling a lot more money. The tractors now cost $250,000. We used to buy tractors for $80,000. So it’s just a matter of inflation and how things are. Standard of living probably won’t change a whole lot. It’s just dollars in and dollars out.” ((NARRATOR)) A price structure impacted by Russia’s war on Ukraine. ((Mark Tuttle, Farmer)) “War is not good for anybody.” ((Kane Farabaugh, VOA News, Somonauk, Illinois.))
- Transcript/Script UKRAINE-US AGRICULTURE PRICES HEADLINE: Grain Prices Soar as Ukraine War Drags On TEASER: PUBLISHED AT: 5/19/2022 at BYLINE: Kane Farabaugh CONTRIBUTOR: DATELINE: Chicago, Illinois VIDEOGRAPHER: Kane Farabaugh PRODUCER: Kane Farabaugh SCRIPT EDITORS: Bowman, Mia Bush VIDEO SOURCE (S): VOA PLATFORMS (mark with X): WEB __ TV X RADIO __ TRT: 2:55 VID APPROVED BY: Jepsen TYPE: TVPKG EDITOR NOTES: ((INTRODUCTION)) [[As U.S. farmers head to the fields to plant this year’s crops, prices for grains like corn and soybeans are near record highs. As VOA’s Kane Farabaugh reports, those high prices come with increased costs for both farmers and consumers. ]] ((NARRATOR)) As he plants corn and soybeans in his fields in northern Illinois, farmer Mark Tuttle expects this to be a very good year for crop prices. ((Mark Tuttle, Farmer)) “We sold corn for 2 bucks [dollars] for a long time and we got by, and now we got corn – today, I just saw it was 8 dollars [a bushel].” ((NARRATOR)) Soybean prices are also near record highs. That’s the good news. ((Mark Tuttle, Farmer)) “But that’s at the expense of other things.” ((NARRATOR)) Like input costs to buy fertilizer and seeds. ((Mark Tuttle, Farmer)) “Back when corn was 2 bucks, seed corn was maybe 80 dollars an acre. Now seed corn is getting to be 140, 150, 160 dollars an acre. Everything has kind of doubled.” ((NARRATOR)) That’s because the global supply chain to support and distribute grain crops like corn, soybeans and wheat is still experiencing disruptions stemming from the coronavirus pandemic, compounded now by Russia’s war with Ukraine. ((Mike Doherty, Illinois Farm Bureau Senior Economist)) “There’s almost no shipping taking place out of the Black Sea, which is a combination of both Russia, which ships almost entirely through the Black Sea ports, combined with Ukraine. Right there you have 30% of the global exports of wheat being shut off due to that war and you also have an impact on corn exports as well.” ((NARRATOR)) Mike Doherty, a senior economist with the Illinois Farm Bureau, says Russia is also a key international supplier of oil and natural gas. Now subject to sanctions as a result of its war with Ukraine, Russian supplies on the international marketplace are dwindling as buyers search elsewhere, causing petroleum prices to spike. ((Mike Doherty, Illinois Farm Bureau Senior Economist)) “It’s all part of the energy complex, and these increasing petroleum prices is really what’s behind or the drivers behind these increasing fertilizer prices.” ((NARRATOR)) Farmers rely on fertilizer to help their crops thrive. But that’s not all that’s cutting into Tuttle’s bottom line. He says the price of diesel fuel to power his tractors and trucks has also nearly doubled since last year. ((Mark Tuttle, Farmer)) “I know they want to switch over to more green energy sources, but in the same sense, all of the farmers run on diesel fuel and so you can’t limit our supply right now.” ((NARRATOR)) War in eastern Europe, drought in the Western United States and South America, and increased demand for biofuels derived from corn and soybeans to offset the increased cost of petroleum are all contributing to increased costs for food, and rising inflation. ((Mark Tuttle, Farmer)) “Inflation is tough on us right now. You know 8 or 9 or 10 percent, whatever they are talking. It’s affected at the farm gate all the way to the consumer.” ((NARRATOR)) Which is why Tuttle’s outlook for this year is tempered by the reality that the more money he makes, the more he has to spend. ((Mark Tuttle, Farmer)) “The margins compared to 20 years ago are very similar, you are just handling a lot more money. The tractors now cost $250,000. We used to buy tractors for $80,000. So it’s just a matter of inflation and how things are. Standard of living probably won’t change a whole lot. It’s just dollars in and dollars out.” ((NARRATOR)) A price structure impacted by Russia’s war on Ukraine. ((Mark Tuttle, Farmer)) “War is not good for anybody.” ((Kane Farabaugh, VOA News, Somonauk, Illinois.))
- NewsML Media Topics Conflict, War and Peace, Economy, Business and Finance
- Topic Tags Ukraine Agriculture
- Network VOA
- Embargo Date May 20, 2022 21:27 EDT
- Description English As U.S. farmers head to the fields to plant this year’s crops, prices for grains like corn and soybeans are near record highs. As VOA’s Kane Farabaugh reports, those high prices come with increased costs for both farmers and consumers.
- Brand / Language Service Voice of America - English