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Russia's invasion of Ukraine sent agricultural commodities spiraling Feb. 24 following monthslong tensions in the Black Sea region that kept prices of key grains such as wheat highly volatile.
As both Russia and Ukraine command clout in global trade flows of grain and vegetable oil, rising uncertainty in the region around port closures and blockages on vessel navigation are expected to keep prices of commodities such as sunflower oil, corn and wheat elevated in the near term.
While commercial movement in the Azov Sea stands closed, markets await clarity whether the invasion is only restricted to the two contentious provinces as navigation in the Black Sea still remains open.
Any disruption to trade flows could potentially affect food security and prices, at a time when food inflation has soared to a record high in the last one year.
Read full factbox: Russia's Ukraine invasion seen disrupting vegetable oil, grain trade flows