“Russian attempts to cut off all Ukraine’s grain export routes are threatening to erase the small reprieve in sky-high grocery prices Americans experienced this year,” writes Politico.
“Joe Glauber, senior research fellow at the International Food Policy Research Institute and former chief economist at the U.S. Agriculture Department, predicted that if Monday’s big spikes in global wheat and other commodity prices endure, they would eventually put pressure on U.S. food prices and unleash other strains on global food systems. But Glauber added that it is possible calls for de-escalation could eventually calm markets.
“Glauber said the market’s relatively muted response to Russia’s withdrawal from the Black Sea deal last week was based on the assumption Ukraine would be able to continue exporting grain via the Danube, as well as the possibility that Turkey could provide some safe passage to Ukrainian grain shipments in the short-term.
“I think that’s off now,” Glauber said”.
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