AMES, Iowa -- An Iowa State University agriculture economist is looking at the prospect of no grain crops from Ukraine as that country fights off the Russian invasion.
"They are a fairly large corn exporter--especially into China and the Middle East--and so if they can't plant that crop, those areas of the world are going to look towards the U.S. and South America to fill those grain needs," says ISU Economist Chad Hart.
Hart says no crops, or greatly curtailed crops, out of Ukraine could mean more money for Iowa farmers--especially corn producers.
"Definitely means stronger prices as we look at the 2022 and 2023 crops, and we have seen the markets react just that way. We have seen corn and wheat prices move significantly higher with the onset of the war," he says.
Hart says more money for Iowa corn famers could also mean higher costs for many other people.
"Think about our livestock industry, and the idea that these higher corn and wheat prices are translating into higher feed costs. So, anybody who's a user of corn or wheat right now is definitely feeling the pinch from these higher prices," he says.
Ukraine exports about 80 percent of the corn it grows.