Russia’s invasion of Ukraine this week sent the commodity markets into a frenzy. As the Dow dropped nearly 800 points following the attack, grains reached near-limit highs before dipping back down Thursday afternoon. Wheat reached the highest level in 9 ½ years. The attack sends a flurry of uncertainty across agriculture, especially after Ukraine’s military suspended shipping.
The Eastern-European country is a major corn exporter, mostly to China and the European Union. Estimates put the country’s grain exports at about 5 to 6 million tonnes/month. Together, Russia and Ukraine account for 29% of global wheat exports, 19% of corn and 80% of sunflower oil exports. Russia’s invasion marks the largest attack by one state against another in Europe since World War Two.
Read more on the Russia invasion of Ukraine and its impact on U.S. commodity markets here.
Volatility, Uncertainty Abound in Market as Russia Invades Ukraine
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