Financial markes are often not very good at conflict related things. There's never been a war of this scale in the era of mass trading of agricultural commodity futures. People knew about gas and oil disruptions, but extrapolated that across two wheat because it is something else ukraine and russia produce. But there'are also some people who suggest that the absolute size of the futures market in agricultural commodities leads to speculative activity that raises the volatility levels here.
The worst predictions for costs have not come to pass, partly because Russia is selling plenty of wheat. But plenty of food-price woe may still await. We examine the curious re-appearance of the polio virus in the West. And the trials of “Pink Sauce” reveal the perils of being a cottage-food producer—or consumer—in the social-media age.
For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer