Russia
Rusagro has shuttered three pig farms in the Belgorod region due to security risks, resulting in a decline in quarterly pork production.
Russian pork producers are aiming to capture 10% of China’s pork import market in the coming years from a standing start, seeking to take advantage of trade tensions between the European Union and China, the world’s biggest pork consumer.
Roughly 37.6 million acres of U.S. ag land is foreign owned, according to USDA. However, select purchases of U.S. land could come to an end following a Senate vote this week.
According to USDA, Russian-speaking hackers are the likely suspects. The Office of Personnel Management and two organizations within the Department of Energy also were apparently targeted or breached.
China’s exports to Russia reached a record high in April, amounting to $9.6 billion.
The price surge comes as Europe announced a ban on Russian diesel fuel and G7 countries vowed to price-cap Russian oil products.
Global inflation will likely decrease to 6.5% in 2023 and to 4.1% by 2024, according to the International Monetary Fund (IMF) forecast.
Global meat consumption will decline as inflation squeezes consumer spending because of the Ukraine-Russian War, says Rupert Claxton, livestock and met director at Gira.
UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a ‘powerful blow’ to ‘Putin’s war,’ warns Americans ‘defending freedom is going to cost.’
UPDATE: 03/02 4:23 pm-EST-There are reports a missile struck a vessel flying under the flag of Bangladesh in Ukraine.
Cherkizovo Group, the largest vertically integrated meat producer in Russia, plans to invest more than $150 million in new pig farms and a feed mill expansion to increase its annual pork capacity.