Russia

Diesel Prices Up 78¢ from January 2022

Tue, 07 Feb 2023 14:14:11 GMT

According to the Energy Information Administration , the average U.S. price of diesel ran $4.62 a gal. in the week that ended Jan. 30, up 78¢ from a year earlier. On the East Coast, diesel sold for $4.84 on average, a 98¢ annual jump.

Will Electric Vehicles Actually Drive Down Prices at the Pump?

Meanwhile, Europe has announced a ban on Russian diesel fuel and other refined oil products--a move that will further curb its own energy dependence on Russian energy, while attempting to limit Russia’s gains from it’s energy sector. The ban allows for a 55-day grace period for diesel loaded on tankers prior to Sunday.

The move comes shortly after G7 countries announced a price cap on refined Russian oil products, which took effect on Sunday. Fuel oil and other low-value exports will be capped $45. A cap of $60 already applies to Russian crude.

Are Landlocked Soybean Crush Facilities Destined to Survive?

Insurers and shippers are prohibited from dealing in items covered by the cap unless they were bought below or at the designated price.

IMF Anticipates Global Inflation Will Peak in Late 2022

Tue, 11 Oct 2022 18:10:47 GMT

The International Monetary Fund forecasts a slowdown in global growth from 6.0% in 2021 to 3.2% in 2022 and 2.7% in 2023.

The global slowdown in 2022 is as projected in the July 2022 World Economic Outlook (WEO) update, while the forecast for 2023 is lower than projected by 0.2 percentage point. In the revised forecasts , 93% of countries received downgrades to their growth outlook.

More to Come

Aside from the global financial crisis and the peak of the Covid-19 pandemic, this is “the weakest growth profile since 2001,” the IMF said in its WEO published Tuesday morning.

“The worst is yet to come, and for many people 2023 will feel like a recession,” the report said, echoing warnings from the United Nations, the World Bank and many global CEOs.

Cause for Shift

The IMF noted three major events currently hindering growth: Russia’s invasion of Ukraine, the cost-of-living crisis and China’s economic slowdown. Together, they create a “volatile” period economically, geopolitically and ecologically.

More than a third of the global economy will see two consecutive quarters of negative growth, while the three largest economies — the United States, the European Union and China — will continue to slow, the report said.

Inflation Timeline

The IMF anticipates global inflation will peak in late 2022, increasing from 4.7% in 2021 to 8.8%, and that it will “remain elevated for longer than previously expected.”

Global inflation will likely decrease to 6.5% in 2023 and to 4.1% by 2024, according to the IMF forecast. The agency noted the tightening of monetary policy across the world to combat inflation and the “powerful appreciation” of the U.S. dollar against other currencies.

Red Flags

The IMF also highlighted that the risk of monetary, fiscal, or financial policy “miscalibration” had “risen sharply,” while the world economy “remains historically fragile” and financial markets are “showing signs of stress.”

In an interview with the Financial Times , Pierre Olivier Gourinchas, the IMF’s chief economist, said there was as much as a 15% chance global growth could fall below 1% eventually. This level would likely meet the threshold of a recession and would be “very, very painful for a lot of people.”

“We are not in a crisis yet, but things are really not looking good,” he said, adding that 2023 would be the “darkest hour” for the global economy.

The energy crisis is also weighing heavily on the world’s economies, particularly in Europe, and it “is not a transitory shock,” according to IMF’s report. “The geopolitical re-alignment of energy supplies in the wake of Russia’s war against Ukraine is broad and permanent,” the report added. “Winter 2022 will be challenging for Europe, but winter 2023 will likely be worse,” the IMF said.

The U.S. economy is expected to stagnate over the four quarters of 2022 and then maintain a sluggish 1% growth rate in 2023.

More on inflation:

Could Food Prices Ease in 2023? USDA’s New Consumer Food Price Forecast Has a Bit of Good News
Is Out-of-Control Inflation on the Horizon? Watch These Two Indicators
John Phipps: The Inflation We Expect

The Untold Farmer Stories Of Ukraine: Q&A With Howard Buffett

Mon, 01 Apr 2024 17:15:15 GMT

As a farmer and global philanthropist, Howard Buffett and his namesake, The Howard G. Buffett Foundation, work where others can’t or won’t to address food insecurity, mitigate conflict, combat human trafficking and improve public safety.

After 10 trips to the front line in Ukraine (the first of which was April of 2022), Buffett shared key insights and takeaways to the attendees at the 2024 Top Producer Summit.

As Ukrainians are living day-by-day and the country’s farmers face instability in inputs, destruction of their infrastructure and the threat of landmines scattered in their fields, Buffett encourages U.S. farmers to see the threat to global food security and view this conflict through the eyes of a farmer.

Q: How do you describe your experience in Ukraine?
A: “It’s hard to imagine the amount of destruction. Many farmers lost everything they’ve had. Think about if you were to go home today and your machinery shed is completely shelled, all your equipment is burned, and you don’t know when you’re going to be able to go back in the field because there are hundreds of landmines.”

Q: How has the timing of this war affected global food security?
A: “If we didn’t have the largest corn crop we’ve ever harvested, a five-year high carryover in corn and a four-year high carryover in soybeans, and if South America didn’t have strong yields, the impact of Ukraine would be so much greater than it has been. The timing is such that we’ve avoided a serious crisis around the world with food insecurity so far, but that doesn’t mean it will stay that way.”

Q: How have you seen the support from the U.S. government show up in Ukraine?
A: “We have spent a majority of the money for Ukraine in this country in 31 states, 71 cities and 130 some production lines. We’re emptying out warehouses of ammunition that if we went to war with, we’d be surprised or disappointed with, and we’d be in trouble. I’ve been in a howitzer site, where 40% of the 155 shells firing came from the U.S. misfire, either because the ammunition is old or the electronics are corroded. We’re also replacing very old weapons systems with higher tech weapons systems, so we as the U.S. will be better prepared to fight if we have to fight.”

Q: How is the way this war is being fought different?
A: “Drones are the most important thing right now in this war. Ukraine is lacking air superiority, and that’s been a huge deficit for them and has caused a lot of casualties. The U.S. would not understand how critical drones are today if it weren’t for Ukraine. And I don’t think we’re just learning from a military standpoint; if you look at the resiliency and the commitment and the courage of Ukrainians, they’re teaching us something. After two years of the fight, sometimes you forget how it all started. This is Russia, who’s one of our biggest enemies. They would destroy America tomorrow if they could; they would take away your farm tomorrow if they could; they would take away our freedom and our democracy. They are our enemy, period.”

Q: What is the effort and timing of rebuilding?
A: “I have seen hundreds of villages in rural Ukraine that are completely leveled — there’s nothing left, there’s no families, no one can live there. They’re all mined, and you can’t even go into them. I learned a lesson in Afghanistan, seeing buildings get rebuilt, roads rebuilt in the middle of war. A Navy Seal told me, if you don’t rebuild while the war is still going on, people have no hope. If people cannot see to the future, if they cannot have any faith things are going to change, and they’re going to get better, they give up, and it gets hard to go on. So, in Ukraine, we are building schools, and we’re building police stations.”

Q: What do farmers need?
A: “As part of the Victory Harvest program, we have sent 74 combines, 84 tractors, drills and auger wagons. And so now we’ve helped get 260,000 acres of crops harvested and close to 160,000 acres planted. Some of you guys have had your own experiences with fertilizer shortages, but these farmers don’t get to buy fertilizer or walk into a bank and get an operating loan.”

There are a few groups Buffett recommends to farmers wanting to help other farmers. Farmerhood was started by a Ukrainian woman whose husband was fighting on the front line. Others include Save Ukraine and Super Humans .

Q: How can agricultural equipment be used for de-mining?
A: “There are hundreds of thousands of acres to de-mine. There are still farmers dying every week because of land mines. Our new project is to take what we know about equipment and apply it to de-mining with both verification and clearance. We’ve got about 11 acres and four bulldozers and four tractors dedicated to our testing — focused on using what we have and using GPS to map where we’ve run and verified where there are mines or not. The idea right now is to take a tracked John Deere 8360R, put a LaForge three point on it and build a protection plate with two rollers in the front and a big roller behind us. We are going to bring efficiency, safety and speed to this by taking technology and applying it in a completely different way.”

Q: What about the grain successfully grown and harvested in Ukraine?
A: “Of the wheat harvested in Ukraine this year, 28% of the crop is from occupied territories, which means Russia stole it. We’re putting out fires trying to figure out how to move grain out of the country. We’ve bought thousands of Ag Bags and are buying more. And we’re working toward structuring something to make it easier for Ukrainian farmers to move grain — but it’s not simple.”

Q: What are the consequences to U.S. agriculture if Russia wins?
A: “If Russia wins, they will export all the fertilizer and the crops they can as cheaply as they can to compete with us. And then worse than that, Russia will fuel all the conflicts so they are able to maintain control of the Black Sea.”

In his latest book , Howard Buffett documents the atrocities committed against Ukrainians, as well as their suffering, resilience and courage. “Courage of a Nation” documents the first two years of war in Ukraine following Russia’s full-scale invasion in February 2022, and showcases a compilation of the thousands of images Buffett has captured over the 10 trips he has taken since the start of the war.

BREAKING: Report: China Asked for Russia to Delay Attack on Ukraine Until After Winter Olympics

Wed, 02 Mar 2022 21:42:49 GMT

UPDATE: 03/02 4:40-pm-EST-(Reuters) - Senior Chinese officials told senior Russian officials in early February not to invade Ukraine before the end of the Winter Olympics in Beijing, the New York Times reported on Wednesday, citing Biden administration officials and a European official. The Times said a Western intelligence report indicates senior Chinese officials had some level of knowledge about Russia’s plans or intentions to invade Ukraine before it started last week.

UPDATE: 03/02 4:23 pm-EST-There are reports a missile struck a vessel flying under the flag of Bangladesh. Reports are that the bulk carrier has been waiting to load since February and couldn’t leave due to restrictions in the area. Videos posted to Twitter appear to show a ship on fire near Olvia Port, Ukraine. Several news reports say a Bangladeshi sailor died.

KHERSON, Ukraine - (AP) A Russian official says troops have taken the Ukrainian port city of Kherson - a claim that the Ukrainian military denies. The city is under Russian soldiers’ “complete control,” Defense Ministry spokesman Igor Konashenkov said Wednesday. He said that the city’s civilian infrastructure, essential facilities and transport are operating as usual and that there are no shortages of food or essential goods.

UPDATE: 03/02 3:43 pm -EST-GOTLAND, Sweden (AP)- Sweden says four Russian fighter jets violated its airspace over the Baltic Sea on Wednesday. The four aircraft - two SU-27 and two SU-24 fighters - flew briefly over Swedish airspace east of the island of Gotland, according to a statement from the Swedish Armed Forces. “In light of the current situation we are very concerned about the incident,” Swedish Air Force chief Carl-Johan Edstrom said. “This is unprofessional and irresponsible behavior from the Russian side.” Swedish fighter jets were scrambled and took photos of the Russian jets, the statement said.

KYIV, Ukraine - Ukrainian officials have reported a powerful explosion in Kyiv, between the Southern Railway station and the Ibis hotel, an area near Ukraine’s Defense Ministry.

WASHINGTON - A senior U.S. defense official says the Russian convoy still appears to be stalled outside the city center of Kyiv, and has made no real progress in the last couple days. The official on Wednesday said the convoy is still plagued with fuel and food shortages and logistical problems, as well as facing continued fierce resistance from Ukrainians.

WASHINGTON - The White House has announced additional sanctions against Russia and its ally Belarus, including extending export controls that target Russian oil refining and entities supporting the Russian and Belarusian military. Among Wednesday’s new measures are sanctions targeting 22 Russia defense entities that make combat aircraft, infantry fighting vehicles, electronic warfare systems, missiles, and unmanned aerial vehicles for Russia’s military.

UPDATE: 03/02 12:06pm-EST-KYIV, Ukraine (AP) - The U.N. General Assembly has voted to demand that Russia stop its offensive in Ukraine and withdraw all troops, with nations from world powers to tiny island states condemning Moscow. The vote Wednesday was 141 to 5, with 35 abstentions. It came after the 193-member assembly convened its first emergency session since 1997.

UPDATE: 03/02 12:05 pm-EST-MOSCOW (AP) - Russia’s Defense Ministry says 498 of its troops killed in Ukraine, 1,597 wounded in 1st report of military casualties.

UPDATE: 03/02 10:45 am-EST-Wheat prices reach $11. Follow the markets here .

(Farm Journal)

UPDATE: 03/02 10:03 am-EST-WASHINGTON (Reuters) - The United States is “very open” to imposing sanctions on Russia’s oil and gas industry as it also weighs the potential market impact, the White House said on Wednesday as global oil prices touched eight-year highs and supply disruptions mounted.

UPDATE: 03/02 9:49 am-EST-NEW YORK (AP) - Oil prices are surging again as Russia continues its assault on Ukraine, pushing crude up to $110 a barrel.

UPDATE: 03/02 9:31 am-EST-DUBAI/LONDON, March 2 (Reuters) - OPEC+ oil producers agreed on Wednesday to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude even as crude prices rocketed higher.

UPDATE: 03/02 9:25 am-EST-KYIV, Ukraine (AP) - Ukraine’s State Emergency Service says over 2,000 civilians dead in week of war; independent confirmation not possible.

UPDATE: 03/02 8:55 am EST-KYIV, Ukraine (AP) - Russia renewed its assault on Ukraine’s second-largest city in a pounding that lit up the skyline with balls of fire over populated areas. That came Wednesday even as both sides said they were ready to resume talks aimed at stopping the new devastating war in Europe. The escalation of attacks on crowded cities followed an initial round of talks between outgunned Ukraine and nuclear power Russia on Monday that resulted in only a promise to meet again. It was not clear when new talks might take place - or what they would yield. Ukraine’s president earlier said Russia must stop bombing before another meeting. Ukrainian President Volodymyr Zelenskyy has decried Russia’s bombardment as a blatant terror campaign.

President Biden is talking about the situation in Ukraine in his State of the Union speech. It starts tonight at 9 pm EST. Watch it here .

UPDATE: 03/01 4:48 pm-EST-(Reuters) - Apple Inc (AAPL.O) said on Tuesday it has paused all product sales in Russia in response to the Russian invasion of Ukraine.

UPDATE: 03/01 4:41 pm-EST-(AP) WASHINGTON - The U.S. on Tuesday injected a strong note of caution into the persistent reports that Russian military progress - including by the massive convoy outside Kyiv - has slowed, plagued by food and fuel shortages and logistical problems.

One senior Defense official said that the U.S. has seen Russian military columns literally run out of gas, and in some places running out of food, and that morale is suffering as a result.

But the official added that it is important to be pragmatic. The Russians still have a significant amount of combat power that has not yet been tapped, and “they will regroup, they will adjust, they will change their tactics.”

UPDATE: 03/01 3:38 pm-EST-WINNIPEG, Manitoba, March 1 (Reuters) - Canada’s Nutrien Ltd (NTR.TO) , the world’s biggest fertilizer producer, said on Tuesday that Russia’s invasion of Ukraine could result in prolonged disruptions to the global supply of potash and nitrogen crop nutrients.

Interim Chief Executive Ken Seitz said Nutrien will boost potash production if it sees sustained supply problems in Russia and Belarus, the world’s second-and third-largest potash-producing countries after Canada.

UPDATE: 03/01 2:00 pm-EST-(Reuters) The world’s three biggest container lines are temporarily suspending cargo shipments to and from Russia. They are Swiss-headquartered MSC, Denmark’s Maersk, and France’s CMA CGM. Maersk also added that the suspension covering all Russian ports, would not include foodstuffs, medical and humanitarian supplies.

UPDATE: 03/01 11:10 am-EST-FRANKFURT, Germany (AP) - International Energy Agency says 31 member countries agree to release 60 million barrels of oil from reserves.

UPDATE: 03/01 10:57 am-EST-KYIV, Ukraine (AP) - Ukrainian parliament says Russian forces have hit the TV tower in Ukraine’s capital of Kyiv.

UPDATE: 03/01 10:46 am-EST-Crude oil futures continue to trade above $100.

(Farm Journal)

UPDATE: 03/01 10:37 am-EST- Corn, soybeans and wheat all up double digits. Follow the markets here .

(Farm Journal)

UPDATE 03/01 9:35 am-EST-From Farm Journal Washington Analyst Jim Wiesemeyer: U.S. oil jumped to a 7-year high above $101 a barrel as the Russian assault prompts supply oil shortage fears. The U.S. and other countries are discussing releasing around 70 million barrels of strategic oil reserves, but the major unknown is whether OPEC will boost production, with an important meeting on the topic tomorrow. Pressure continues on Biden and U.S. allies to include oil trade in sanctions on Russia.

UPDATE: 03/01 9:20 am-EST-KYIV, Ukraine (AP) - Russian strikes pounded the central square in Ukraine’s second-largest city and other civilian targets, and a 40-mile convoy of tanks and other vehicles threatened the capital. Ukraine’s embattled president accused Moscow on Tuesday of resorting to terror tactics to press Europe’s largest ground war in generations. With the Kremlin increasingly isolated by tough economic sanctions that have tanked the ruble currency, Russian troops advanced on Ukraine’s two biggest cities. In strategic Kharkiv, explosions tore through the region’s Soviet-era administrative building and residential areas on Day 6 of an invasion that has shaken the 21st century world order.

U’PDATE: 02/28 5:05 pm-EST-WASHINGTON, Feb 28 (Reuters) - Americans should not be worried about nuclear war, U.S. President Joe Biden said on Monday, the day after Russian President Vladimir Putin put Russia’s nuclear deterrent on high alert amid Moscow’s ongoing invasion of Ukraine. The President was asked about by a reporter it while attending a White House celebration of Black History Month.

UPDATE: 02/28 4:54 pm-EST-KYIV, Ukraine (AP) - Russian forces are shelling Ukraine’s second-largest city, rocking a residential neighborhood, and closing in on the capital, Kyiv, in a 17-mile convoy of hundreds of tanks and other vehicles.

UPDATE: 02/28 3:57 pm-EST-TORONTO - Canada will be supplying Ukraine with anti-tank weapons systems, upgraded ammunition and is banning all imports of crude oil from Russia.

UPDATE: 02/28 3:32 pm-EST-BRUSSELS (AP) - The European Union has slapped sanctions on 26 more Russians, including oligarchs, senior officials and an energy insurance company, in response to the country’s invasion of Ukraine, bringing the total of people targeted to 680.

THE HAGUE, Netherlands (AP) - International Criminal Court prosecutor to open probe into possible war crimes or crimes against humanity in Ukraine.

BEREGSURANY, Hungary (AP) - The mass exodus of refugees from Ukraine to the eastern edge of the European Union has showed no signs of stopping as they flee Russia’s burgeoning war. The U.N. estimated Monday that more than 500,000 people have already escaped.

UPDATE: 02/28 3:10 pm-EST-KYIV, Ukraine - Satellite images show Russian troops are attacking Ukraine on multiple fronts and are advancing on the capital city of Kyiv. On Monday, a convoy consisting of hundreds of armored vehicles, tanks, artillery and support vehicles was just 17 miles (25 kilometers) from the center of Kyiv. The city is home to nearly 3 million residents. The images from Maxar Technologies also captured signs of fighting outside Kyiv, including destroyed vehicles and a damaged bridge.

UPDATE: 02/28 1:13 pm-EST-LONDON (AP) - Shell says it pulling out of Russia as President Vladimir Putin’s invasion of Ukraine costs the country’s all-important energy industry foreign investment and expertise. Shell announced its intention Monday to exit its joint ventures with Gazprom and related entities, including its 27.5% stake in the Sakhalin-II liquefied natural gas facility, its 50% stake in the Salym Petroleum Development and the Gydan energy venture. Shell also intends to end its involvement in the Nord Stream 2 pipeline project.

UPDATE: 02/28 11:59 am-EST-KYIV, Ukraine (AP) — A top adviser to Ukraine’s president says the first round of talks with Russia about ending the fighting in Ukraine has concluded, and more talks could happen soon.

UPDATE: 02/28 11:45 am-EST-KYIV, UKRAINE (AP) - Ukraine’s leader Zelenskyy applies for Ukraine to join the 27-nation European Union on the 5th day of Russian invasion.

Picture posted to Twitter:

(Farm Journal)

UPDATE: 02/28 10:53 am-EST-NEW YORK (AP) - Markets quivered Monday amid worries about how high oil prices will go and how badly the global economy will get hit after the U.S. and allies upped the financial pressure on Russia for its invasion of Ukraine. Stocks fell, investors herded into gold in search of safety and the Russian ruble tumbled to a record low below a penny at one point.

UPDATE: 02/28 10:18 am-EST-(Reuters) - Energy giant BP, global bank HSBC and the world’s biggest aircraft leasing firm AerCap joined a growing list of companies looking to exit Russia on Monday, as Western sanctions tightened the screws on Moscow over its invasion of Ukraine. Russia’s economy was already reeling on Monday. The rouble plunged as much as 30% to an all-time low, while the central bank doubled its key interest rate to 20%, kept stock markets and derivative markets closed and temporarily banned brokers from selling securities held by foreigners

UPDATE: 02/28 9:54am-EST-LVIV, Feb 28 (Reuters) - Ukrainian President Volodymyr Zelenskiy on Monday asked the European Union to allow Ukraine to gain membership under a special procedure immediately as it defends itself from invasion by Russian forces.

“Our goal is to be with all Europeans and, most importantly, to be equal. I’m sure that’s fair. I am sure we deserve it,” he said in a video speech shared on social media.

UPDATE: 02/28 9:02 am-EST-KYIV, Ukraine (AP) - Russian and Ukrainian delegations met for talks amid high hopes but low expectations for any diplomatic breakthrough. The talks Monday come after Moscow unleashed the biggest land war in Europe since World War II but met unexpectedly stiff resistance. As outgunned but determined Ukrainian forces slowed the Russian advance and sanctions crippled the Russian economy, the military confirmed that its nuclear forces were on high alert. While that raised the unimaginable specter of nuclear conflict, it was unclear what practical effect it had. A tense calm reigned Monday in Kyiv, explosions and gunfire were heard in embattled cities in eastern Ukraine, and terrified Ukrainian families huddled overnight in shelters, basements or corridors.

(Farm Journal)

UPDATE: 2/27 3:56 pm-EST-Brussels (AP)-The European Union agreed Sunday to close its airspace to Russian airlines, spend hundreds of millions of euros on buying weapons for Ukraine and ban some pro-Kremlin media outlets in its latest response to Russia’s invasion.

In what he described as “a defining moment for European history,” EU foreign policy chief Josep Borrell said that the bloc’s 27 foreign ministers had greenlighted the unprecedented support for Ukraine and that those actions would take effect within hours.

Kyiv, Ukraine (AP)-President Vladimir Putin ordered Russian nuclear forces to be put on high alert Sunday, while Ukraine’s embattled leader agreed to talks with Moscow. Right now, Putin’s troops and tanks are driving deeper into the country. Ukrainian President Volodymyr Zelenskyy’s office announced that the two sides would meet Monday at an unspecified location on the Belarusian border, where a Russian delegation was waiting Sunday.

(CNN)-Ukraine has filed an application to institute proceedings against Russia before the International Court of Justice (ICJ) for a “dispute … relating to the interpretation, application and fulfillment of the 1948 Convention and Prevention of Punishment of the Crimes of Genocide,” according to an ICJ news release on the filing.

The following was tweeted by Ukraine’s president:

(Farm Journal)

UPDATE: 5:15 pm-EST-(Reuters) - Ukraine and Russia are discussing a place and time for talks, President Volodymyr Zelenskiy’s spokesman said on social media on Friday.

“Ukraine was and remains ready to talk about a ceasefire and peace,” spokesman Sergii Nykyforov added.

UPDATE: 5:12 pm-EST-RICHMOND, Va.-Criminal ransomware operators are posting messages on the dark web pledging to launch retaliatory cyberattacks if Russia is attacked.

The ransomware group Conti, which experts say has ties to Russia, said in a note on its dark web site Friday that it would “use all our possible resources to strike back at the critical infrastructures of an enemy.”

Ransomware gangs are mostly Russian-speaking and operate with near impunity out of Russia and allied countries.

In a follow up note, the Conti group stressed it was not an ally of any government and said: “we condemn the ongoing war.”

Major ransomware attacks in the last year, including against the biggest U.S. fuel pipeline, have underscored how gangs of extortionist hackers can disrupt the economy and put lives and livelihoods at risk. The U.S. government has been warning critical infrastructure entities to prepare for possible attacks and to make sure their defenses are up to date.

Non-state hackers have promised to be active in both sides of the Russia-Ukraine conflict. The online collective Anonymous recently pledged to conduct cyberattacks to support Ukraine.

UPDATE: 4:06 pm-EST-WASHINGTON (Reuters) - The Russian assault on Ukraine was more brutal on Friday with attacks on civilian infrastructure and Kyiv, but Moscow’s forces did not advance as planned and the capital remained firmly in Ukrainian control, Ukrainian Ambassador to the United States Oksana Markarova said. Ukrainian President Volodymyr Zelenskiy remains in Kyiv and he held a “very productive” phone call with President Joe Biden on Friday, the ambassador told reporters.

Russia has deliberately targeted some of Ukraine’s civilian infrastructure and hospitals, she said, and Ukrainian officials are gathering war crimes evidence to present to the International Criminal Court.

UPDATE: 3:47 pm-EST-WASHINGTON (AP) - Biden plans move to freeze assets of Putin, Russian foreign minister, matching EU sanctions against Russian leadership.

UPDATE: 1:14 pm-EST-Tweet from Ukrainian President Volodymyr Zelenskyy:

(Farm Journal)

UPDATE: 1:06 pm-EST-BRUSSELS (AP) - NATO chief says leaders agree to send rapid response troops to protect allies near Russia and Ukraine.

UPDATE: 10:03 pm-EST-NEW YORK (AP) - Relief flowed through Wall Street on Friday, even as deadly attacks continued to rage in Ukraine. Stocks rose, oil fell and investors turned away from gold and other traditional havens they favor when fear is high.

UPDATE: 12:12 pm-EST-BRUSSELS (AP) - The European Union has agreed to freeze the assets of Russian President Vladimir Putin and Foreign Minister Sergey Lavrov, according to Latvia’s foreign minister. A decision to freeze Putin and Lavrov’s assets indicates that Western powers are moving toward unprecedented measures to try to stop Russia’s brutal invasion of Ukraine neighbor and a major war in Europe. Latvian Foreign Minister Edgards Rinkevics said in a Tweet on Friday that he and the EU’s other foreign ministers adopted a second sanctions package and “the asset freeze includes President of Russia and its Foreign Minister.”He said the EU plans to prepare another package of sanctions.

(Farm Journal)

UPDATE: 11:33 am-EST-CNN Business is reporting China is relaxing restrictions on imports of Russian wheat. It says the decision to allow imports of wheat from all regions of Russia was made when Russian President Putin met with Chinese leader Xi Jinping during the Olympics earlier this month. It says the details of the plan were only announced by China’s customs administration this week. Russia is the world’s top producer of wheat. Previously, Beijing had restricted wheat imports from Russia out of concerns about dwarf bunt fungus.

UPDATE: 11:12 am-EST-Concern is growing about exports from the region, specifically fertilizer. Arlan Suderman of StoneX tweeting this:

(Farm Journal)

UPDATE: 11:10 am-EST-BRUSSELS (AP) - Council of Europe suspends Russia at Europe’s foremost human rights organization.

UPDATE: 10:15 am EST-John Deere Co. says its offices in Ukraine are now closed. John Deere told WQAD-TV “We are closely monitoring the developments in these countries and are actively assessing the potential impact to our people.” Deere officials report employees in Ukraine were evacuated at the start of the year.

UPDATE: 9:44 am EST-Global farm commodities trader Cargill Inc (CARG.UL) said on Thursday that an ocean vessel it chartered was “hit by a projectile” on the Black Sea, but that the ship remained seaworthy and all crew were safe and accounted for.

The incident occurred offshore from Ukraine on Thursday after Russia launched an invasion of the major grain-producing country where Cargill operates an export terminal.

UPDATE: 9:40 am EST-From Farm Journal’s Jim Wiesemeyer:

WSJ report: U.S. agriculture companies operating in Ukraine are closing offices and shuttering facilities there in response to Russia’s attack. WSJ details:

— Archer Daniels Midland Co. said Thursday that it had stopped operating its facilities in Ukraine, where, a company spokeswoman said, the crop trader and processor employs more than 630 people. ADM’s Ukraine facilities include an oilseed crushing plant in Chornomorsk, a grain terminal in the port of Odessa, six grain silos and a trading office in Kyiv.— Bunge Ltd. closed company offices as well as temporarily suspended operations at processing facilities in two cities in Ukraine, the company said Thursday. Bunge employs more than a thousand workers in Ukraine who operate two processing facilities as well as grain elevators and a grain export terminal in various parts of the country.— CHS Inc., a farm cooperative and major grain shipper and retailer of seeds and chemicals, said it has been drawing down its export activity in Ukraine for the past few weeks. It employs 46 people in the region but doesn’t own port operations in the country.

UPDATE: 8:43am EST-There were several key developments overnight: KYIV, Ukraine (AP) - The Kremlin says Russia is ready to send a delegation to Belarus for talks with Ukrainian officials. Ukrainian President Volodymyr Zelenskyy said he is willing to discuss a non-aligned status for Ukraine. Moscow has demanded Ukraine drop its bid to join NATO, and adopt a neutral status. Kremlin spokesman Dmitry Peskov said Friday that Russian President Vladimir Putin is ready to send the delegation in response to that offer.

Russian troops are bearing down on Ukraine’s capital, with gunfire and explosions resonating ever closer to the government quarter. The invasion of a democratic country has fueled fears of wider war in Europe and triggered worldwide efforts to make Russia stop. Amid growing casualties from the deadly warfare were increasing signs that Vladimir Putin’s Russia may be seeking to overthrow Ukraine’s government. It is his boldest effort yet to redraw the world map and revive Moscow’s Cold War-era influence. The U.S. and other global powers slapped ever-tougher sanctions on Russia as the invasion reverberated through the world’s economy and energy supplies. U.N. officials said they were preparing for millions to flee Ukraine.

Russian military says it has seized strategic airport outside Ukrainian capital; claims it cut Kyiv off from the west.

Pope Francis has made a personal, in-person visit to the Russian Embassy to “express his concern about the war,” in Ukraine. It was an extraordinary, hands-on gesture that came on the same day the Vatican announced he was canceling upcoming events because of an “acute” flareup of knee pain.Usually popes receive ambassadors and heads of state in the Vatican, and diplomatic protocol would have called for Francis, as the Vatican head of state, to summon the ambassador to him. For Francis to leave the Vatican and travel a short distance to the Russian embassy to the Holy See outside the Vatican walls was a sign of his anger at Moscow’s invasion of Ukraine and his willingness to appeal personally for an end to it.Vatican officials said they knew of no such previous papal initiative.

Twenty million dollars in U.N. humanitarian funds for Ukraine. A raft of new, stronger sanctions against Russia from Japan, Australia, Taiwan and others. And a cascade of condemnation from the highest levels. As Russian bombs and troops pounded Ukraine during the invasion’s first full day, world leaders began to fine-tune a response meant to punish the Russian economy and its leaders, including President Vladimir Putin’s inner circle. While there’s an acute awareness that a military intervention isn’t currently feasible, the strength, unity and speed of the financial sanctions - with the striking exception of China, a strong Russian supporter - signal a growing global determination to make Moscow reconsider its attack.

UPDATE: 5:22 pm EST-MOSCOW, Feb 24 (Reuters) - Russian President Vladimir Putin spoke by phone to French President Emmanuel Macron on Thursday and gave him an “exhaustive” explanation of the reasons for Russia’s actions in Ukraine, the Kremlin said.

The Kremlin said the call took place at Macron’s initiative, and he and Putin agreed to stay in contact.

Macron undertook strenuous diplomacy in recent weeks to try to avert a Russian invasion of Ukraine, including holding talks with Putin in the Kremlin.

UPDATE: 5:18 pm EST-President Biden has sent out the following tweet, saying that sanctions imposed on Russia are already having an effect.

(Farm Journal)

UPDATE: 5:11 pm EST- WARSAW (AP)- Some of the first refugees from Ukraine have arrived in European Union member Poland by road and rail.

A scheduled train from Kharkiv in eastern Ukraine arrived Thursday afternoon in the Polish town of Przemysl, near Ukraine’s western border, carrying a few hundred passengers.

The passengers of various ages, arriving with bags and backpacks, told The Associated Press they were fleeing war. Some live in Poland and were returning urgently from visits to their homeland.

The chief of Poland’s border guards, Gen. Tomasz Praga, said there was a visible increase in the number of people wanting to cross into Poland.

Officials said Poland has prepared at least eight centers with food, medical care and places to rest.

Polish Prime Minister Mateusz Morawiecki said that “innocent people are being killed” in Ukraine and appealed to the Poles to extend every possible assistance to the Ukrainians who have found themselves in need of help.

UPDATE: 4:31 pm EST-NEW YORK (AP) - U.S. markets stabilized and ended higher Thursday after an early swoon brought on by Russia’s invasion of Ukraine. Technology stocks, in particular, rebounded strongly, erasing an early drop of 3.4% in the Nasdaq and leaving the tech-focused index up 3.3%. The S&P 500 also came back from an early loss and ended up 1.5%. Oil prices had surged earlier but ended with moderate gains.

UPDATE: 3:44 pm EST-KYIV, Ukraine (AP) - Ukraine’s health minister: 57 Ukrainians killed as a result of the Russian invasion, 169 more wounded.

UPDATE: 3:00 pm EST-Farm Journal Live-analysis of what has transpired today in Ukraine. AgDay’s Clinton Griffiths hosts a panel discussion with Standard Grain’s Joe Vaclavik and Dan Basse of AgResource Company. See what they had to say about the market moves today and what to watch going forward. Click here .

UPDATE: 2:36 pm EST-Key points from President Biden’s speech:

-President announced a new round of sanctions targeting Russian banks, oligarchs, and high-tech sectors

-Says Putin “chose this war” and that his country will bear the consequences of his actions

-U.S. will be deploying additional forces to Germany to help NATO

-President Biden held off on cutting Russia out of the SWIFT payment system. It allows the transfers of money from bank to bank around the world

-No sanctions were announced on Russia’s energy sector

UPDATE: 2:25 pm EST-WASHINGTON (AP) - US sanctions Belarusian banks, defense industry, security officials over support for Russian invasion of Ukraine.

UPDATE: 2:01 pm EST-WASHINGTON (AP) - Biden says US deploying additional forces to Germany to bolster NATO in face of Russian invasion of Ukraine.

UPDATE: 1:50 pm EST-WASHINGTON (AP) - Biden: ‘Putin chose this war’ in Ukraine, and he and Russia ‘will bear the consequences’ of new sanctions.

UPDATE 1:22 pm EST-President Biden expected to address the nation at any moment. Watch it here .

UPDATE: 12:55 pm EST -KYIV, Ukraine (AP) - A presidential adviser says Ukraine has lost control of the Chernobyl nuclear site after a fierce battle.

UPDATE: 12:33 pm EST - (Reuters) - Global agricultural commodities trader Bunge Ltd. (BG.N) said Thursday it has shuttered company offices in Ukraine and temporarily suspended operations at two oilseed crushing facilities in Nikolaev and Dnipro following a Russian military invasion.

Bunge employs more than 1,000 people in the country and also owns and operates grain elevators and an export terminal in Ukraine, the company said. It also operates a corn milling plant via a joint venture.

UPDATE: 12:30 pm EST - MOSCOW (AP) - Russia gave its first confirmation that its ground forces have moved into Ukraine, saying troops entered from Crimea.

UPDATE: 11:35 am EST -UNITED NATIONS (AP) - US official: UN Security Council to vote on resolution condemning Russia’s attack on Ukraine despite expected veto.

UPDATE 11:18 am EST - From The Associated Press: A senior U.S. defense official says Thursday’s attack by Russia appears to be the first phase in what will likely be a multi-phased, large-scale invasion.

The official said it began around 9:30 p.m. U.S. EST, with land- and sea-based missile launches. The official said that roughly more than 100 missiles, primarily short-range ballistic missiles, but also medium-range ballistic missiles, cruise missiles, surface-to-air missiles and sea-launched missiles, were launched in the first few hours of the attack.

The official said the Russians are moving on three axes: From Crimea to Kherson, from Belarus toward Kyiv, and from the northeast to Kharkiv.

The official, who spoke on condition of anonymity, said it’s not clear how many Russian troops are in Ukraine now, and the main targets of the air assault have been barracks, ammunition warehouses and 10 airfields. The official said Russian ground forces began to move into Ukraine from Belarus around 5 a.m. EST.

UPDATE 11:11 am EST - White House tweets photo of President Biden meeting with the National Security Council in the White House Situation Room:

(Farm Journal)

UPDATE: 10:36 am EST- AgDay’s Clinton Griffiths just spoke with Farm Journal Washington Analyst Jim Wiesemeyer about what’s happening in Ukraine, and what to watch for next.

UPDATE 10:26 am EST-Tweet from Ukrainian President Volodymyr Zelenskyy:

(Farm Journal)

UPDATE 10:22 am EST-Ukraine’s deputy interior minister Anton Gerashchenko just made the following post on Facebook:

(Farm Journal)

UPDATE: 10:08 am EST- President Biden will address Russia’s attack on Ukraine at 12:30 pm EST. You can watch it live here .

UPDATE: 10:03 am EST- The U.S. government is now on high alert for possible Russian cyberattacks. A senior FBI cyber official is warning businesses and local government they should be vigilant against potential ransomware attacks. In fact, some of the biggest cyberattacks against U.S. infrastructure in the past two years have been linked to suspected Russian hackers.

UPDATE: 9:49 am EST- The S&P 500 sank 2% on opening. It’s now down almost 14% from the record high it set in early January. Here’s a look at the big commodity moves happening right now:

March corn:

(Farm Journal)

March soybeans:

(Farm Journal)

March wheat:

(Farm Journal)

UPDATE: 9:38 am EST- A White House official says that President Biden met with the National Security Council this morning in the Situation Room to discuss the situation going on in Ukraine. The President is expected to address the nation this afternoon, during which he is expected to announce “further consequences” the U.S. and its allies will impose on Russia. Click here to read the latest statement from the White House. Markets continue to move. Follow them here .

UPDATE: 9:33 am EST- Dow sinks nearly 800 points following the attack on Ukraine.

UPDATE: 9:21 am EST- Ukraine’s military has now suspended operations at its ports because of the invasion by the Russian military, furthering concerns about the flow of supplies out of the area. Reuters reports that Russia had earlier suspended movement of commercial vessels in the Azov sea until further notice but kept Russian ports in the Black Sea open for navigation.

“The market is still struggling to get a clear picture about the actual military situation on the ground. The ports in the Azov and the Black Sea so far seem not to have been damaged according to the initial shipping agency reports,” one European grain trader told Reuters.

Russia produced 76 million tonnes of wheat last year and is expected by the U.S. Department of Agriculture to export 35 million tonnes in the July-June season, 17% of the global total.

UPDATE: 9:11 am EST- The financial and commodity markets reacted strongly to word that Russian President Vladimir Putin had launched military action in Ukraine. Global markets tumbled overnight and U.S. markets pointed toward a sharply lower open. Oil prices jumped by more than $7 per barrel, climbing above $100 a barrel, and futures for Wall Street’s benchmark S&P 500 index and the Dow Jones Industrial Average were off by more than 2.5%.

Market benchmarks in Europe and Asia fell as much as 5%.

Meanwhile, commodities such as corn, soybeans and wheat soared. Soybean prices rose above $17. Wheat prices surged past a nine-year high and are now up 20% since the start of the year.

Russia is the world’s largest wheat exporter and, together with Ukraine, supplies more than a quarter of the world’s wheat exports. There’s concern about supplies from both countries being disrupted because of military action.

Experts say that, with wheat being a staple element for human and livestock diets, any disruption can have an impact on prices.

Besides reaction from the financial markets to the situation, world reaction has been swift.

The North Atlantic Treaty Organization’s Secretary-General Jens Stoltenberg says Russia has launched a war on Ukraine and shattered peace on the European continent. Stoltenberg is now calling for a summit of NATO alliance leaders for Friday.

The European Union says it is planning the “strongest, the harshest, package” of sanctions it has ever considered.

European Commission President Ursula von der Leyen said “the target is the stability in Europe and the whole of the international peace order, and we will hold President (Vladimir) Putin accountable for that.”

An adviser to Ukraine’s president says about 40 people have been killed so far in the Russian attack on the country. There are reports of airstrikes or shelling on cities and bases in the country, with people in Ukraine attempting to flee by piling into trains and cars.

This is a developing story. Keep watching for updates.