By Alice McFarlane

Agriculture Roundup for Wednesday April 27, 2022

Apr 27, 2022 | 9:58 AM

MELFORT, Sask. – The World Bank said commodity prices that reached historically elevated levels because of the war in Ukraine will remain high through the end of 2024.

The agency’s commodity markets outlook report released yesterday said energy prices, food and fertilizer have sustained the largest commodity shock since the 1970s.

Energy prices, which over the past two years have sustained the biggest increases since the 1973 oil crisis, are expected to rise more than 50 per cent in 2022 before easing in 2023 and 2024.

Non-energy prices, including agriculture and metals, are projected to increase almost 20 per cent in 2022, will also moderate in the following years.

Commodity prices are expected to remain well above the most recent five-year average.

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The World Bank added a prolonged war or additional sanctions on Russia could boost prices even higher and make them more volatile than currently projected.

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The Canadian Food Innovation Network (CFIN) will receive $1.9 million to develop a digital food innovation hub that will bring together the many individual components of Canada’s food ecosystem into an interactive online community.

The digital food innovation hub will be available around the clock for businesses to access one-on-one mentorship as well as information, research, and innovation resources.

A key component of the tool is to help identify and match entrepreneurs with technical expertise and will also serve as a collaborative space to share best practices and opportunities.

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A Saskatchewan company has been fined $7,000 after one of its workers was injured while operating an overhead crane.

Brandt Industries Canada was found guilty earlier this month in Regina provincial court of violating occupational health and safety rules.

The company was convicted of not providing approved protective headwear, which resulted in the injury of a worker in February 2019.

Brandt has agriculture, construction, and forestry divisions.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW