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Research article - Peer-reviewed, 2022

Global commodity market disruption and the fallout

Ferguson, Shon; Ubilava, David


The war in the breadbasket of Europe, which spawned at the heels of the once-in-a-lifetime pandemic, sent major cereal prices spiralling upward. The unprecedented sequence of events leading to and including the war has tested the resilience of global commodity markets and the craftsmanship of policymakers. While the circumstances may differ, the disruption of global commodity markets is not exactly uncharted territory, with many examples and experiences from near and distant history. By showcasing anecdotal and empirical evidence from the past, this study puts the current crisis and its consequences in perspective and offers an outlook with a specific focus on low- and middle-income countries.


cereal prices; commodity markets; food crisis; market disruption; trade restrictions

Published in

Australian Journal of Agricultural and Resource Economics
2022, volume: 66, number: 4, pages: 737-752
Publisher: WILEY

Authors' information

Swedish University of Agricultural Sciences, Department of Economics
Research Institute of Industrial Economics
Ubilava, David
University of Sydney

Sustainable Development Goals

SDG1 No poverty
SDG17 Partnerships for the goals

UKÄ Subject classification


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