WINCHESTER, Ky. — With the world watching the intensifying conflict between Russia and Ukraine unfold, Kentucky farmers are closely monitoring the situation as it could affect the agriculture industry.
What You Need To Know
- Ukraine is one of the largest exporters of agriculture and goods, according to the U.S. Department of Agriculture
- As the conflict continues, one farmer says this could signal a much needed opportunity for U.S. farmers to grow more wheat and grains
- Experts say the Russian invasion could jeopardize Ukraine’s wheat exports, which accounts for 12% of the world’s total
- On Thursday, President Joe Biden said he is working to limit the impacts from inflation
In Clark County, Laura Freeman, owner of Mt. Folly Farm, has been a farmer for nearly half a century.
The 64-year-old organic farmer is closely watching the situation in Ukraine for reasons of both opportunity and risk.
“We need to have regional supply chains so that we’re not a colony, that we’re growing our own stuff, selling it to our own people,” Freeman said.
Farmers have already dealt with things like higher prices for fertilizer and diesel fuel. Freeman said she needs fuel to run her combines and other equipment on the family farm.
“Commercial fertilizer is very expensive right now. We can’t get parts for the tractors, you can’t buy anything used—that’s all made it difficult,” Freeman explained.
The Russian invasion of Ukraine is threatening the food supply in Europe.
Ukraine is one of the largest exporters of agriculture and goods, according to the U.S. Department of Agriculture. Freeman knows every year is a gamble for farmers, but the grandmother is confident that Kentucky is positioned to fill in the gap.
“It gives us a chance to make it clear to everybody that lives here that we can self sufficient ourselves and we don’t need Ukrainian wheat, we don’t need Russian barley, we don’t need Russian sunflowers,” Freeman said.
Experts say the Russian invasion could jeopardize Ukraine’s wheat exports, which account for 12% of the world’s total.
As the conflict continues, Freeman believes it could signal a much needed opportunity for U.S. farmers to grow more wheat and grains.
“The bid I got today was $10 a bushel higher than I sold them for last year. So I’m not selling it yet, it’s not over. I mean, that’s amazing for farmers,” she said.
However, Freeman said the success farmers might see from the growing opportunity will be outweighed by rising prices.
“The ripple effect pretty obvious is going to be inflation,” she said. “Inflation for commodities is a good thing for us, inflation in petroleum is a bad thing for us.”
Amid the uncertainty of the conflict in Ukraine and the effects that will follow on the global economy, Freeman noted one thing is clear. The impact will be felt in the Bluegrass State.
On Thursday, President Joe Biden said he is working to limit the impacts from inflation.