Russia’s invasion of corn and wheat exporter Ukraine in February turbocharged the surge in global soft commodity prices that began with the outbreak of Covid in early 2020.

Covid did not constrain the production of soft commodities, but it did throttle the supply chain as global logistics systems were disrupted. As a point of reference for global food price inflation, from a March 2020 baseline the price of corn had risen 168% in April 2022, wheat had soared 348% by the end of February 2022 and soya had doubled by early June 2022.  ..

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