The price surge comes as Europe announced a ban on Russian diesel fuel and G7 countries vowed to price-cap Russian oil products.

“People are concerned about food inflation right now,” says Dr. Michael Swanson, Wells Fargo Chief Agricultural Economist. "Some premier celebration foods have actually dropped from a year ago."

If cattle on feed is only down about 3% and hog and poultry numbers are down 2% from last year, there might be an opportunity for feed usage to increase later in the marketing year. This could offset any decrease in corn exports or corn for ethanol usage, which could help keep carryout tight.

How low did temperatures dip in the Northeast over the weekend? Details in today's AgDay Minute.