University of Illinois Agricultural Economist Scott Irwin says it may be time for the Biden Administration to open the Conservation Reserve Program for cropping in 2022. In a series of Twitter posts, Irwin says, “Emergency situations sometimes require extraordinary responses.” He also says the longer the war goes on in Ukraine and sanctions against Russia continue, the bigger the supply shock will be to global grain markets. “I truly hope I’m wrong, but there are potentially tens of millions of acres of grain production at stake right now,” Irwin says. “This leads me to conclude that the world desperately needs additional acres for grain production in 2022.” Nothing can get done in the short-term except to run up the price of grain high enough to ration demand, but he says that could take a wildly high price. “The only policy move right now is opening up CRP for cropping on a one-year basis,” he says.
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