Terry McCrann in 'Herald Sun' writes what is obvious to many:
"...In all the confusion and uncertainty of what might happen in and around Ukraine – and how this will impact the world economy and global financial markets – one thing does seem clear.
This is that we almost uniquely in the world export the sort of things – from coal and LNG to wheat - whose prices will be driven higher by the war; both its continuation and any likely, almost certainly messy and ugly, aftermath.
Ukraine and Russia are together the ‘bread-basket’ of Europe.
It’s not just oil and gas, but most particularly wheat.
Ukraine and Russia are together the ‘bread-basket’ of Europe. Russia is the world’s biggest wheat exporter; add on Ukraine and the two of them command close to one-third of the global wheat trade.
Very simply, will Russia be allowed to keep exporting wheat? Will a war-battered Ukraine be able to?
Whatever, bluntly, it’s going to be a free-kick for other wheat exporters, including obviously us..."
(20min delay)