Biden will outline efforts to help U.S. farmers ramp up crop production to offset reduced global food exports caused by Russia’s invasion of Ukraine.
U.S. Treasury Secretary Janet Yellen in April said global food prices are"skyrocketing."
The effort will attempt to ease one of the main culprits behind the spike in food prices: A global shortage of fertilizer. In recent years, Russia also exported 11% of the world's urea and 48% of the ammonium nitrate, two other key fertilizer components, according to estimates from Morgan Stanley.
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