In part due to the Russian invasion of Ukraine, two countries normally responsible for 30% of global wheat production, global food prices are on the rise. (h/t @StellaNordhagen)
Economist Nordhagen also notes that there will be other disruptions in markets such as fertilizers, and of course Russian exports of natural gas are well known.
The good news is that we aren't fully there yet. Yes, food prices are already up, but how bad it all gets is really yet to be determined. Here's hoping that Putin can rein himself in sometime soon.
...or is that really true? Fascinating Twitter thread by Sarah Taber, who says that most of the shortfall is already being made up, as the instability was already factored into plantings. She says that the real issue is more of a localized shipping problem: the overall supply should be fine, though regional concerns continue to be serious in, for example, the Middle East and Northern Africa.
