The agreements signed in Istanbul on Friday regarding the export of grain out of Ukraine and Russia catch the headlines as a major development from the angle of global food security, which it surely is. Between around 22 million tonnes of grain from last year’s harvest now trapped inside Ukraine due to the war, and an estimated 41 million tonnes from Russia’s 2022/23 wheat exports, around 60 million tonnes, are reaching the world grain market. A conservative estimate is that Russia’s 2022...
