Attacks on Black Sea shipping lanes are stacking up fast. Ukraine recorded dozens of vessel strikes and 67 port hits in July, and wheat export forecasts have been cut nearly in half as a result.
Washington diesel climbed 13 cents in a single week to $5.96 a gallon, part of a nationwide price surge tied to refinery disruptions caused by Ukrainian strikes on Russian facilities.
Oil prices continue their slow move downward. As of Tuesday morning, West Texas Crud was trading just above $59 per barrel, while Bent Crude was holding at in the $62 per barrel range.
Thanks to international issues and pressures, oil prices have been fairly volatile over the past couple of weeks. Patrick DeHaan with GasBuddy said the price for a barrel of West Texas Crude fell last week, thanks to China’s zero COVID policy, which locked down the 2nd largest economy in the world.
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Farmers are facing many challenges, such as not enough workers, very high fuel costs, this year some bad weather that has delayed planting, "and one of the challenges that farmers face today is this issue of fertilizer," noted Ag Secretary Tom Vilsack
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Friday’s USDA World Supply and Demand forecast is starting to show impacts from Russia’s invasion of Ukraine. Gary Crawford says one of the biggest crops impacted in the report was wheat.
Crawford added corn prices went up 15 cents as well, and when it comes to soybeans, prices are up roughly $2.50 from las
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Oil prices continue to move higher as investors nervously watch a variety of international hot spots, led by Russia and Ukraine. West Texas Crude was trading in the upper $80-per barrel range in Monday’s action. Patrick DeHaan with GasBuddy was while geopolitical issues in the United Arab Emirates and Kazakhstan are concerning, one area is drawing most of the concern.
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