(NAFB) – The University of Missouri Food and Agricultural Policy Institute Wednesday released its Agricultural Markets Outlook.

In recent years, unexpected events have caused great uncertainty and volatility in agricultural markets. Trade disputes, the COVID-19 pandemic and now the war in Ukraine have added to the natural uncertainty caused by weather and other factors. The report summarizes baseline projections for agricultural and biofuel markets prepared using market information available in January 2022. Major crop prices have been pushed higher by the global economic recovery, increased demand from China, some weather-induced reductions in crop supplies, and the war in Ukraine.

Based on information available in January 2022, the projection was for lower prices for most crops in the 2022/23 marketing year. A weather-reduced soybean crop in South America and the war in Ukraine have both pushed oilseed and grain prices higher, at least in the near term.

Projected cattle and milk prices increase sharply in 2022, and prices for hogs and poultry remain well above the 2020 pandemic levels.