"In summary, the Russian invasion is a large shock for agricultural commodity markets, but not historically large. Markets and trade patterns will adjust to absorb it. Farmers around the world will produce more and consumers will cut back or substitute. The transition may be difficult in some places, especially countries such as Egypt that typically rely on wheat from Russia and Ukraine."
I'd like to believe there's not going to be a crisis but throw away lines like "consumers will cut back or substitute" and the bit about Egypt make me think this economist has no idea what life is like in the real world. Consumers cutting back seems a euphemism for "people going hungry" and the last time there was mass hunger in Egypt there was a revolution.
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