The knock-on effects of the war will add further strain to global food supply and price inflation.
In 2020/21, Ukraine was the fourth largest exporter of grain in the world, according to the International Grains Council. Russia ranked third.
Now, the Ukrainian Grain Association told Reuters it estimates that $6 billion worth of wheat and corn exports are sitting idle in Ukraine's ports, unable to reach their destinations because of the war. On March 14, Russia announced it temporarily banned grain exports to ex-Soviet countries. While sanctions on Russia could definitely have a negative impact on the country's grain production too, the role of Russia as a massive fertilizer producer—with 15 percent of the world's entire supply—is even more relevant and could impact crop yields across the world.
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