Ukraine/Russia Big Grain Exporters
Some futures contracts for wheat and corn have traded limit up in recent days with the invasion of Ukraine. Russia and Ukraine are both large producers and exporters of wheat and corn. The chart shows the production and exports as percentages of world totals. I included the U.S. for additional perspective.
Although Ukraine's corn production is 3.5% of world production, its exports represent 16.4% of all exported corn. While Russia's corn impact is fairly small, their wheat production is 9.7% and exports are 16.9% of all exported wheat. Combined, Ukraine and Russia account for 28.5% of total world wheat exports.
North Africa and Mideast countries are large importers of wheat; Syria and Iraq are experiencing particularly dry growing conditions. It's been reported that Egypt is looking to purchase wheat from countries other than Russian and Ukraine; both have been leading suppliers in the past. Another interesting note is that 35.6% of Ukraine's exported corn during the prior marketing year went to China. Food security is a major issue in many countries. More to ponder.