Russia
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.
Kansas typically accounts for 25% of the nation’s winter wheat production, but ongoing drought is weighing on overall crop conditions. Farmers are now facing the possibility of increased abandonment this year.
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.
Russia wants to rebuild its beef industry and state officials from Kansas, Montana and South Dakota visited the country in the hopes of selling genetics.