Ukraine Crisis Sparks Frenzy in Global Agriculture Trade
A farm worker walks past a store of wheat grain in a storage silo in Chernihiv, Ukraine.
A dramatic rally in crop prices this week sparked by the Russia-Ukraine crisis is signaling more pain ahead for grocery shoppers already feeling the strain of soaring food costs.
Prices of staples from wheat to edible oils have rocketed to fresh highs on worries about supply disruptions in the Black Sea region. Ukraine is the world’s second-biggest grains shipper and Russia often tops the ranking for wheat exports. Together they also account for about 80% of sunflower oil trade.