Russia’s invasion of Ukraine last year triggered tumult across global grain markets. As the cost of corn and wheat surged, panic spread about instability in countries from Yemen to Bangladesh that depend on the warring region for low-cost grains. Would famine worsen? Would civil unrest ensue?
While food-insecure countries have suffered keenly from high grain prices over the past year, some of the consequences we feared most have been avoided. Even as the conflict continues to rage, grain markets have calmed down considerably, with prices close to pre-invasion levels — a better outcome than many expected.
Astute diplomacy, next-level technologies, a resilient distribution infrastructure and efficient trading strategies were key elements of coping with these disrupted markets. The world acted quickly to leverage those strengths across global networks, moving grain from regions where it’s cheap and plentiful to those where it was scarce and costly.
