# How a Russian-Ukraine conflict might hit global markets

> A Reuters explainer outlines how a Russia-Ukraine conflict could disrupt grain flows from Black Sea ports, which ship grain from Ukraine, Russia, Kazakhstan and Romania. Ukraine is projected to be the third-largest corn exporter and fourth-largest wheat exporter, while Russia is the top wheat exporter. Analysts flag geopolitical risk to wheat prices amid already high food inflation.

- Date: 2022-01-21 · published 2022-01-21T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/14513-how-a-russian-ukraine-conflict-might-hit-global-markets
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Any interruption of Black Sea grain shipments would tighten global wheat and corn supplies and lift prices, raising feed costs for buyers.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-03-23 | [How Russia's invasion of Ukraine rocked commodity markets](https://feedsoft.ai/events/6242-how-russia-s-invasion-of-ukraine-rocked-commodity-markets.md) | +1.3% | -9.2% |
| WHEAT | 2022-03-03 | [Russia-Ukraine conflict highlights wheat supply vulnerability](https://feedsoft.ai/events/42306-russia-ukraine-conflict-highlights-wheat-supply-vulnerability.md) | +4.9% | +19.4% |
| WHEAT | 2022-01-31 | [Grain exports likely disrupted in a Russian, Ukraine conflict, analyst says](https://feedsoft.ai/events/14517-grain-exports-likely-disrupted-in-a-russian-ukraine-conflict-analyst-says.md) | -1.7% | +0.5% |
| WHEAT | 2026-08-20 | [FACTBOX: Black Sea grain trade strained by escalating Russia-Ukraine conflict \| S&P Global](https://feedsoft.ai/events/14090-factbox-black-sea-grain-trade-strained-by-escalating-russia-ukraine-conflict-s.md) | -1.3% | +3.3% |
| WHEAT | 2026-03-02 | [Middle East Conflict: Tension Injects Risk Premium into Global Grain Markets](https://feedsoft.ai/events/16875-middle-east-conflict-tension-injects-risk-premium-into-global-grain-markets.md) | +1.6% | +0.1% |
| CORN | 2022-01-31 | [Grain exports likely disrupted in a Russian, Ukraine conflict, analyst says](https://feedsoft.ai/events/14517-grain-exports-likely-disrupted-in-a-russian-ukraine-conflict-analyst-says.md) | +0.6% | +6.9% |
| CORN | 2022-02-25 | [Farming News - The Ukraine/Russia situation sends global fertiliser markets sharply higher](https://feedsoft.ai/events/43022-farming-news-the-ukraine-russia-situation-sends-global-fertiliser-markets.md) | +6.6% | +10.3% |
| CORN | 2026-08-20 | [FACTBOX: Black Sea grain trade strained by escalating Russia-Ukraine conflict \| S&P Global](https://feedsoft.ai/events/14090-factbox-black-sea-grain-trade-strained-by-escalating-russia-ukraine-conflict-s.md) | +5.4% | +5.6% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/how-russian-ukraine-conflict-might-hit-global-markets-2022-01-21/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.