“Ukraine has historically been one of the major exporters in the world wheat market,” Joe Janzen, assistant professor at University of Illinois Urbana-Champaign’s College of Agricultural, Consumer and Environmental Sciences, told The Associated Press, also pointing to the country’s historic corn production. “Anytime there’s news out of that part of the world, the market is sensitive to that.”
It’s possible that we’ll continue to see temporary jumps in prices following significant news events, like what was seen after the destruction of Kakhovka dam, but Janzen says circumstances are key — and expectations for commodity exports out of Ukraine will likely “continue to diminish as we recognize that Ukrainian production will continue to be severely impaired because of the war.”
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