Russian and Ukrainian wheat is not easily replaced. Inventories are already tight in the United States and Canada, according to the United Nations, while Argentina is limiting exports and Australia is already at full shipping capacity. Over the past year, wheat prices are up 69 percent. Among other major food exports of Russia and Ukraine, corn prices are up 36 percent and barley 82 percent.The war also threatens another longer-term shock to the food markets: a shortage of fertilizer.Matt Huie, a farmer near Corpus Christi, Texas, said that skyrocketing prices had already forced him to stop applying fertilizer to the grazing fields that nourish his hundreds of cows, assuring that they will be skinnier come slaughter. Now he is worried he will have to also reduce fertilizer for his …
