How the Russian Invasion of Ukraine is Sending Global Food Prices Soaring

By Amir Handjani

With the Ukraine war raging, Wheat, corn, and soybeans are headed toward the highest prices in history. This war and the sanctions imposed against Russia in response to its invasion of Ukraine could sustain such an intense economic shock that we could be headed for a soft commodity supercycle.

For American families, it means they could see the price of essential “kitchen table” items – like cereal or bread – keep going up. The reason is basic: Russia and Ukraine are considered breadbasket countries because together, they account for nearly 30% of the world’s wheat supply. As Washington and its allies effectively move to “unplug” Russia from the global economy, it should be mindful of the unintended effects — a global recession, food crises, and even the prospect of social unrest far from the battlefield in Ukraine. Quincy Institute NRF Amir Handjani explains the stakes.

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