Sanctions Imposed on Russia Adversely Impacting U.S. Farmers and Consumers, Explained by Wells Fargo

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03/11/2022 - 11:00 AM

Wells Fargo & Company (NYSE:WFC):

Wells Fargo's Chief Agricultural Economist Dr. Michael Swanson (left) and Agricultural Consultant Lon Swanson (right) (Photo: Wells Fargo)

What:	Broadcast-ready video commentary on the impact of rising wheat and fertilizer prices stemming from the Ukraine/Russia conflict, featuring Wells Fargo Chief Agricultural Economist Dr. Michael Swanson and Lon Swanson, Wells Fargo Food & Agribusiness Industry Advisors Sector Leader.
Why:	Higher prices nationwide are being felt by consumers and farmers. With Russia and Ukraine together growing 14% of the world's wheat¹, and Russia accounting for up to 45% of the key nutrients used for fertilizer in the world², consumers are feeling the pinch at the grocery store, including higher-priced breads, meat and milk. U.S farmers are also experiencing the pain of continued pressure on fertilizer prices, often costing more than the rent for the land on which they farm³.
Where:	Video news clips on Wells Fargo Newsroom
Time codes for video clips:	0:19 – 0:44 What do rising wheat prices mean for our grocery bills? 0:49 – 1:06 How does the conflict in the Ukraine affect our wheat prices? 1:11 – 1:25 How does that affect us at the grocery store? 1:35 – 2:04 How is the conflict affecting fertilizer prices? 2:10 – 2:49 How does this affect the U.S. consumer and farmer? 2:51 – 3:21 Where will the average American consumer see these price increases? 3:33 – 3:50 Do prices go up immediately or at harvest?

¹ Food Agricultural Organization of the United Nations 2020 production year
² Green Markets Fertilizer Price Index
³ University of Minnesota Center for Farm Financial Management