SPOTLIGHT ON MAIZE.
Ukraine is a traditional food exporter, contributing to well over 12% of all global maize traded. In a normal year, Ukraine grows enough food (mostly wheat, maize and cooking oil) to feed 400 million people. Nine-tenths of that is shipped through the Black Sea. This year, sea freight is at a standstill - and so is Ukrainian maize.
As maize uses a large volume of fertilizer, its growing price has seen a sharp increase, and an attendant knock-on effect on poultry and other prices. Luckily, despite fertilizer price increases, Brazil is seeing a bumper crop of maize and could be able to partially cover the drop out from the Ukraine.
