By Alice McFarlane

Agriculture Roundup for Wednesday March 9, 2022

Mar 9, 2022 | 10:09 AM

MELFORT, Sask. – The Russian invasion of Ukraine is driving up global wheat prices and setting the stage for worsening food inflation in Canada.

Ukraine is one of the largest wheat producers in the world but experts believe shipments of wheat have already been cut off by the conflict.

The uncertainty has sent wheat prices skyrocketing more than 50 per cent since the invasion began.

Observers said those higher prices are expected to continue as the conflict makes it difficult for Ukrainian farmers to plant crops.

University of Saskatchewan agriculture professor Stuart Smyth said if the farmland isn’t seeded this spring it could trigger a global wheat shortage.

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He added ongoing uncertainty has driven up wheat prices, but that it will take time to trickle down to consumers.

Higher wheat costs could also impact cattle feed prices.

University of Guelph food professor Simon Somogyi said higher feeds costs could cause dairy and meat prices increase.

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The agriculture and construction equipment industries will face obstacles in the months ahead.

The latest outlook from the Association of Equipment Manufacturers (AEM) said the global economy expanded 5.1 per cent last year while growth in 2022 is expected to be 3.3 per cent higher.

AEM said this is due to the lingering effects of the pandemic, supply chain issues and persistent labour shortages.

The organization suggested some labour concerns could be resolved through internships, higher wages, flexible hours and recruitment efforts.

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A disappointing week for cattle producers as feeder prices dropped in nearly every weight category last week.

The biggest decline was for 300-400 pound steers, down $7.03 to average $251.30 per hundredweight.

Heifer markets were $2.35 to $6.66 per hundredweight lower.

Canfax reported 13,458 head were sold last week which was up from 9,400 the previous week.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW