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The higher dollar makes American commodities more expensive for other countries. Naomi Blohm of Total Farm Marketing says that normally when the dollar gets so high, other countries can offer a cheaper offer. However, she says it is a challenge this year as supply is in short supply across the world.
Currently, the US dollar index is at 114.6. In the grains market, corn is down less than a cent and is at its current peak for overnight trading at US$ 6.67. Soybeans peaked overnight at US$ 14.06. They are currently down to US$ 14.03. CBOT wheat rose 9 cents to US$ 8.82.
Yesterday, United States Department of Agriculture (USDA) Secretary Tom Vilsack announced that the agency is making available US$500 million in grants to increase fertilizers manufactured in the United States.
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“Under the leadership of President Biden and Vice President Harris, USDA is creating a resilient, safe and sustainable economy, and this support to provide domestic, independent choices for fertilizer supplies is part of that effort,” says Vilsack in a statement announcing the program.
The Fertilizer Production Expansion Program was originally announced in March with US$ 250 million in funding. In the following months, fertilizer prices soared and the agricultural industry was not shy about sharing its frustration.
By: Leonardo Gottems | agrolink
