Revisiting Ukraine, Russia, and Agricultural Commodity Markets

Ukraine and Russia have become an important source for global supplies of major agricultural commodities in the past 25 years. These countries, often collectively referred to along with various other Eastern European and Central Asian nations as the Black Sea region, play an important role in the production and export of major grains (corn, wheat, and barley) and oilseeds (especially sunflower and sunflower oil).  In addition to the direct toll it will take on the people of the region, the Russian invasion of Ukraine last week introduces many economic concerns including the impact of the conflict on global agricultural markets.