Ukraine is known as the breadbasket of Europe; along with the U.S. and Australia, it’s one of the world’s top wheat exporters. And a lot of the wheat leaves the country via the Crimean peninsula. The risk of this trade route being cut off has pushed up grain prices this week.
Farmers reap grain in combine harvesters on land near Zhovtneve village, in the region of Chernigov. (GENYA SAVILOV/AFP/Getty Images)
But prices haven’t increased too much, thanks to an expected surge in American grain production. Before the crisis the U.S. government had been forecasting that because of this abundance, grain prices would fall to a 10-year low.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.