Don't underestimate the American farmer. They love these wheat, corn and soybean prices.
Not necessarily true as the farmers are paying a lot more to grow their crops.
Most of the fertilizer that the farmers use in the U.S. is imported from Russia.
That has seized with the sanctions so the prices of fertilizers have had increases ranging from 100% to over 200% depending on the type of fertilizer.
The farmer has to pass that cost onto the consumers.
Wheat, corn and soybeans are used to feed meat livestock as well as humans.,
theorganicprepper.com/russian-fertilizer-export-ban/
I saw this coming so when I was on vacation down in Florida in February this winter, I toured the Mosaic Company which is based in Tampa, which mines phosphate and potash, and urea operates through segments such as international distribution and Mosaic Fertilizantes.
I liked what I saw and heard and invested by buying stock (MOS) in their company the first of March at $52 a share.
It closed this last week at $71 per share and still going up.
This is just a preview to what food prices are going to be in the near future in the world.
Europe is going to get hit especially hard.