Over the weekend geopolitical tension in Ukraine increased and has now reached a level that has created cause for concern in commodity markets.
Both Russia and Ukraine hold dominant positions in the global commodity market, in the energy and grain markets respectively. Ukraine also has a considerable steel industry. Today, natural gas and grain prices have spiked on worries that supplies may be hurt by intensification of the crisis.
In this document we present an overview of the recent price movements in the energy and grain markets and of the production and trade of energy, grains and steel in Russia and Ukraine.
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