The Canadian Agri-Food Policy Institute (CAPI) hosted a webinar this week to talk about Russia's invasion of Ukraine and what it means for agriculture and food security.
FCC Principal Agricultural Economist Sébastien Pouliot talked about the impact on farmers here in Canada.
"It just means that there's fewer grain on the world market that's going to be available and we see that the impact of that is rising grain and oilseed prices. Grain prices are way up, especially for wheat, we saw it last week. Wheat futures hit the limit six times. It has settled since then but it show us really that grain prices have been going up," he said. "There are other impacts on the market, especially on input prices. One obvious one is the price of oil, which impacts the price of gasoline and diesel. For grain farmers, it's going to cost a lot more just to put the crop in or harvest in terms of diesel."
Pouliot says fertilizer prices will also increase with the sanctions that are being placed on Russia and Belarus which are important producers of potash.
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