Ukraine and global agricultural markets two years later

Two years after Russia launched its full-scale invasion of Ukraine on February 24, 2022, the war continues to disrupt agricultural production and trade in Ukraine—one of the world’s largest agricultural exporters—and poses an ongoing threat to global food security. Yet global commodity markets have adjusted to these disruptions, in part to due to increased exports by other suppliers, including Russia, easing the initial shock. After peaking in the wake of the invasion in 2022, prices for wheat, corn (maize) and soybeans have fallen below pre-war levels, though they remain above pre-COVID levels.