Commodity Markets Outlook, April 2022 - The Impact of the War in Ukraine on Commodity Markets

Jul 19, 2026

Report analyzes commodity market conditions with focus on how the war in Ukraine reshapes key sectors. It highlights transmission channels such as energy and fertilizer supply disruptions, shifts in import demand, and changes in price dynamics across major commodity groups. It also summarizes notable economic implications for producers and consumers, including inflationary pressures and uncertainty in global trade flows. The outlook presents scenario-aware considerations for near-term market behavior and risk assessment.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

Market overview

War-related transmission channels

Price and demand impacts

Sector-specific implications

Outlook and risks

Public Disclosure Authorized Public Disclosure Authorized 􀀃 􀀎 􀀊 􀀊 􀀎 􀀏􀀆 􀀅 􀀍 􀀊 􀀋 􀀌 􀀐 􀀁 􀀅 􀀉 􀀎 􀀄 􀀅 􀀑􀀎 􀀎 􀀐 􀀒 􀀋 􀀓 􀀌 􀀆 􀀑 􀀔 􀀕 􀀔 􀀔 􀀁 􀀂 􀀁􀀃 􀀄 􀀅 􀀆 􀀇􀀁 􀀉􀀄 􀀊 􀀊 􀀋 􀀌 􀀍 􀀁 􀀋􀀌􀀄􀀅􀀍􀀇􀀎􀀏􀀄 􀀐􀀍􀀑􀀑􀀒􀀈􀀓 􀀁􀀂􀀃 􀀅􀀆􀀇 􀀈􀀉 􀀊􀀋􀀇􀀆􀀈􀀉􀀃 􀀂􀀆􀀌 􀀍􀀆􀀎􀀌􀀃􀀏 􀀐􀀆􀀑􀀒􀀇 􀀌􀀎􀀓􀀓􀀔􀀕 􀀏􀀈􀀌􀀇􀀎􀀓􀀖􀀈 􀀒􀀉􀀌 􀀆􀀉􀀏 􀀔􀀃􀀏 􀀖􀀒 􀀂􀀈􀀌􀀖􀀒􀀇􀀈􀀍􀀆􀀔􀀔􀀕 􀀂􀀈􀀗􀀂􀀃􀀇 􀀓􀀇􀀈􀀍􀀃􀀌 􀀘􀀒􀀇 􀀆 􀀉􀀎􀀐􀀙􀀃􀀇 􀀒􀀘􀀍􀀒􀀐􀀐􀀒􀀏􀀈􀀖􀀈􀀃􀀌􀀚 􀀛􀀒􀀇 􀀐􀀒􀀌􀀖 􀀍􀀒􀀐􀀐􀀒􀀏􀀈􀀖􀀈􀀃􀀌􀀜 􀀓􀀇􀀈􀀍􀀃􀀌 􀀆􀀇􀀃 􀀃􀀝􀀓􀀃􀀍 􀀖􀀃􀀏 􀀖􀀒 􀀙􀀃 􀀌􀀈􀀗􀀉􀀈􀀘􀀈􀀍􀀆􀀉􀀖􀀔􀀕 􀀂􀀈􀀗􀀂􀀃􀀇 􀀈􀀉 􀀞 􀀞􀀞 􀀖􀀂􀀆􀀉 􀀈􀀉 􀀞 􀀞1 􀀆􀀉􀀏 􀀖􀀒􀀇􀀃􀀐􀀆􀀈􀀉 􀀂􀀈􀀗􀀂 􀀈􀀉 􀀖􀀂􀀃 􀀐􀀃􀀏􀀈􀀎􀀐 􀀖􀀃􀀇􀀐􀀚 􀀁􀀂􀀃 􀀓􀀇􀀈􀀍􀀃 􀀒􀀘 B􀀇􀀃􀀉􀀖 􀀍􀀇􀀎􀀏􀀃 􀀒􀀈􀀔 􀀈􀀌 􀀓􀀇􀀒􀀑􀀃􀀍􀀖􀀃􀀏 􀀖􀀒 􀀆v􀀃􀀇􀀆􀀗􀀃 $1 /􀀙􀀙􀀔 􀀈􀀉 􀀞 􀀞􀀞􀀜 􀀆 4􀀞􀀓􀀃􀀇􀀍􀀃􀀉􀀖 􀀈􀀉􀀍􀀇􀀃􀀆􀀌􀀃 􀀘􀀇􀀒􀀐 􀀞 􀀞1 􀀆􀀉􀀏 􀀈􀀖􀀌 􀀂􀀈􀀗􀀂􀀃􀀌􀀖 􀀔􀀃v􀀃􀀔 􀀌􀀈􀀉􀀍􀀃 􀀞 13􀀚 N􀀒􀀉 - 􀀃􀀉􀀃􀀇􀀗􀀕 􀀓􀀇􀀈􀀍􀀃􀀌 􀀆􀀇􀀃 􀀃􀀝􀀓􀀃􀀍􀀖􀀃􀀏 􀀖􀀒 􀀇􀀈􀀌􀀃 􀀙􀀕 􀀆􀀙􀀒􀀎􀀖 􀀞􀀓􀀃􀀇􀀍􀀃􀀉􀀖 􀀈􀀉 􀀞 􀀞􀀞􀀜 􀀅􀀈􀀖􀀂 􀀖􀀂􀀃 􀀔􀀆􀀇􀀗􀀃􀀌􀀖 􀀈􀀉􀀍􀀇􀀃􀀆􀀌􀀃􀀌 􀀈􀀉 􀀍􀀒􀀐􀀐􀀒􀀏􀀈 􀀖􀀈􀀃􀀌 􀀅􀀂􀀃􀀇􀀃 R􀀎􀀌􀀌􀀈􀀆 􀀒􀀇 􀀊􀀋􀀇􀀆􀀈􀀉􀀃 􀀆􀀇􀀃 􀀋􀀃􀀕 􀀃􀀝􀀓􀀒􀀇􀀖􀀃􀀇􀀌􀀚 W􀀂􀀃 􀀆􀀖􀀓􀀇􀀈􀀍􀀃􀀌􀀜 􀀈􀀉 􀀓􀀆􀀇􀀖􀀈􀀍􀀎􀀔􀀆􀀇􀀜 􀀆􀀇􀀃 􀀘􀀒􀀇􀀃􀀍􀀆􀀌􀀖 􀀖􀀒 􀀈􀀉􀀍􀀇􀀃􀀆􀀌􀀃 􀀙􀀕 􀀐􀀒􀀇􀀃 􀀖􀀂􀀆􀀉 4 􀀓􀀃􀀇􀀍􀀃􀀉􀀖 􀀖􀀂􀀈􀀌 􀀕􀀃􀀆􀀇􀀜 􀀇􀀃􀀆􀀍􀀂􀀈􀀉􀀗 􀀆􀀉 􀀆􀀔􀀔-􀀖􀀈􀀐􀀃 􀀂􀀈􀀗􀀂 􀀈􀀉􀀉􀀒􀀐􀀈􀀉􀀆􀀔 􀀖􀀃􀀇􀀐􀀌􀀚 W􀀂􀀈􀀔􀀃 􀀓􀀇􀀈􀀍􀀃􀀌 􀀗􀀃􀀉􀀃􀀇􀀆􀀔􀀔􀀕 􀀆􀀇􀀃 􀀃􀀝􀀓􀀃􀀍􀀖􀀃􀀏 􀀖􀀒 􀀓􀀃􀀆􀀋 􀀈􀀉 􀀞 􀀞􀀞􀀜 􀀖􀀂􀀃􀀕 􀀆􀀇􀀃 􀀖􀀒 􀀇􀀃􀀐􀀆􀀈􀀉 􀀐􀀎􀀍􀀂 􀀂􀀈􀀗􀀂􀀃􀀇 􀀖􀀂􀀆􀀉􀀓􀀇􀀃v􀀈􀀒􀀎􀀌􀀔􀀕 􀀘􀀒􀀇􀀃􀀍􀀆􀀌􀀖􀀚 􀀁􀀂􀀃 􀀒􀀎􀀖􀀔􀀒􀀒􀀋 􀀘􀀒􀀇 􀀍􀀒􀀐􀀐􀀒􀀏􀀈􀀖􀀕 􀀐􀀆􀀇􀀋 􀀃􀀖􀀌 􀀏􀀃􀀓􀀃􀀉􀀏􀀌 􀀂􀀃􀀆v􀀈􀀔􀀕 􀀒􀀉 􀀖􀀂􀀃 􀀏􀀎􀀇􀀆􀀖􀀈􀀒􀀉 􀀒􀀘 􀀖􀀂􀀃 􀀅􀀆􀀇 􀀈􀀉 􀀊􀀋􀀇􀀆􀀈􀀉􀀃􀀆􀀉􀀏 􀀖􀀂􀀃 􀀌􀀃v􀀃􀀇􀀈􀀖􀀕 􀀒􀀘 􀀏􀀈􀀌􀀇􀀎􀀓􀀖􀀈􀀒􀀉􀀌 􀀖􀀒 􀀍􀀒􀀐􀀐􀀒􀀏􀀈􀀖􀀕 􀀘􀀔􀀒􀀅􀀌􀀜 􀀅􀀈􀀖􀀂 􀀆 􀀋􀀃􀀕 􀀇􀀈􀀌􀀋 􀀖􀀂􀀆􀀖 􀀍􀀒􀀐􀀐􀀒􀀏􀀈􀀖􀀕 􀀓􀀇􀀈􀀍􀀃􀀌 􀀍􀀒􀀎􀀔􀀏 􀀙􀀃 􀀂􀀈􀀗􀀂􀀃􀀇 􀀘􀀒􀀇􀀔􀀒􀀉􀀗􀀃􀀇􀀚 A S􀀓􀀃􀀍􀀈􀀆􀀔 􀀛􀀒􀀍􀀎􀀌 􀀌􀀃􀀍􀀖􀀈􀀒􀀉 􀀈􀀉v􀀃􀀌􀀖􀀈􀀗􀀆􀀖􀀃􀀌 􀀖􀀂􀀃 􀀈􀀐 􀀓􀀆􀀍􀀖 􀀒􀀘 􀀖􀀂􀀃 􀀅􀀆􀀇 􀀒􀀉 􀀍􀀒􀀐􀀐􀀒􀀏􀀈􀀖􀀕 􀀐􀀆􀀇􀀋􀀃􀀖􀀌 􀀆􀀉􀀏 􀀍􀀒􀀐􀀓􀀆􀀇􀀃􀀌 􀀖 􀀂􀀃􀀍􀀎􀀇􀀇􀀃􀀉􀀖 􀀃􀀓􀀈􀀌􀀒􀀏􀀃 􀀅􀀈􀀖􀀂 􀀓􀀇􀀃v􀀈􀀒􀀎􀀌 􀀓􀀇􀀈􀀍􀀃 􀀂􀀈􀀋􀀃􀀌􀀚 I􀀖 􀀘􀀈􀀉􀀏􀀌 􀀖􀀂􀀆􀀖 􀀓􀀇􀀃v􀀈􀀒􀀎􀀌 􀀒􀀈􀀔 􀀓􀀇􀀈􀀍􀀃 􀀂􀀈􀀋􀀃􀀌 􀀔􀀃􀀏 􀀖􀀒 􀀖􀀂􀀃 􀀃􀀐􀀃􀀇􀀗􀀃􀀉􀀍􀀃 􀀒􀀘 􀀉􀀃􀀅􀀌􀀒􀀎􀀇􀀍􀀃􀀌 􀀒􀀘 􀀌􀀎􀀓􀀓􀀔􀀕 􀀆􀀉􀀏 􀀇􀀃􀀏􀀎􀀍􀀃􀀏 􀀏􀀃􀀐􀀆􀀉􀀏 􀀖􀀂􀀇􀀒􀀎􀀗􀀂 􀀃􀀘􀀘􀀈􀀍􀀈 􀀃􀀉􀀍􀀕 􀀈􀀐􀀓􀀇􀀒v􀀃􀀐􀀃􀀉􀀖􀀌 􀀆􀀉􀀏 􀀌􀀎􀀙􀀌􀀖􀀈􀀖􀀎􀀖􀀈􀀒􀀉 􀀒􀀘 􀀒􀀖􀀂􀀃􀀇 􀀍􀀒􀀐􀀐􀀒􀀏􀀈 􀀖􀀈􀀃􀀌􀀚 I􀀉 􀀖􀀂􀀃 􀀍􀀆􀀌􀀃 􀀒􀀘 􀀘􀀒􀀒􀀏 􀀓􀀇􀀈􀀍􀀃 􀀂􀀈􀀋􀀃􀀌􀀜 􀀆􀀏􀀏􀀈􀀖􀀈􀀒􀀉􀀆􀀔 􀀔􀀆􀀉􀀏 􀀍􀀆 􀀐􀀃 􀀈􀀉􀀖􀀒 􀀎􀀌􀀃 􀀘􀀒􀀇 􀀓􀀇􀀒􀀏􀀎􀀍􀀖􀀈􀀒􀀉􀀚 􀀛􀀒􀀇 􀀓􀀒􀀔􀀈􀀍􀀕􀀐􀀆􀀋􀀃􀀇􀀌􀀜 􀀆 􀀌􀀂􀀒 􀀇􀀖-􀀖􀀃􀀇􀀐􀀓􀀇􀀈􀀒􀀇􀀈􀀖􀀕 􀀈􀀌 􀀖􀀒 􀀓􀀇􀀒v􀀈􀀏􀀃 􀀖􀀆􀀇􀀗􀀃􀀖􀀃􀀏 􀀌􀀎􀀓􀀓􀀒􀀇􀀖 􀀖􀀒 􀀓􀀒􀀒􀀇􀀃􀀇 􀀂 􀀒􀀎􀀌􀀃􀀂􀀒􀀔􀀏􀀌 􀀘􀀆􀀍􀀈􀀉􀀗 􀀂􀀈􀀗􀀂􀀃􀀇 􀀘􀀒􀀒􀀏 􀀆􀀉􀀏 􀀃􀀉􀀃􀀇􀀗􀀕 􀀓􀀇􀀈􀀍􀀃􀀌􀀚 Ov􀀃 􀀇 􀀖􀀂􀀃 􀀔􀀒􀀉􀀗􀀃􀀇􀀖􀀃􀀇􀀐􀀜 􀀖􀀂􀀃􀀕 􀀍􀀆􀀉 􀀃􀀉􀀍􀀒􀀎􀀇􀀆􀀗􀀃 􀀃􀀉􀀃􀀇􀀗􀀕 􀀃􀀘􀀘􀀈􀀍􀀈􀀃􀀉􀀍􀀕 􀀈􀀐􀀓􀀇􀀒v􀀃􀀐 􀀃􀀉􀀖􀀌􀀜 􀀘􀀆􀀍􀀈􀀔􀀈􀀖􀀆􀀖􀀃 􀀈􀀉v􀀃􀀌􀀖􀀐􀀃􀀉􀀖 􀀈􀀉 􀀉􀀃􀀅 􀀌􀀒􀀎􀀇􀀍􀀃􀀌 􀀒􀀘 z􀀃􀀇􀀒 -􀀍􀀆􀀇􀀙􀀒􀀉􀀃􀀉􀀃􀀇􀀗􀀕􀀜 􀀆􀀉􀀏 􀀓􀀇􀀒􀀐􀀒􀀖􀀃 􀀐􀀒􀀇􀀃 􀀃􀀘􀀘􀀈􀀍􀀈􀀃􀀉􀀖 􀀘􀀒􀀒􀀏 􀀓􀀇􀀒􀀏􀀎􀀍􀀖􀀈􀀒􀀉􀀚 R􀀃􀀍􀀃􀀉􀀖􀀔􀀕􀀜 􀀂􀀒􀀅􀀃v􀀃􀀇􀀜 􀀓􀀒􀀔􀀈􀀍􀀕 􀀇􀀃􀀌􀀓􀀒􀀉􀀌􀀃􀀌 􀀂􀀆v􀀃 􀀖􀀃􀀉􀀏􀀃􀀏 􀀖􀀒 􀀘􀀆v􀀒􀀇􀀖􀀇􀀆􀀏􀀃 􀀇􀀃􀀌􀀖􀀇􀀈􀀍􀀖􀀈􀀒􀀉􀀌􀀜 􀀓􀀇􀀈􀀍􀀃 􀀍􀀒􀀉􀀖􀀇􀀒􀀔􀀌􀀜 􀀆􀀉􀀏 􀀌􀀎􀀙􀀌􀀈􀀏􀀈􀀃􀀌􀀜 􀀅􀀂􀀈􀀍􀀂 􀀆􀀇􀀃 􀀔􀀈􀀋􀀃􀀔􀀕 􀀖􀀒 􀀃􀀝􀀆􀀍􀀃􀀇􀀙􀀆􀀖􀀃 􀀌􀀂􀀒􀀇􀀖􀀆􀀗􀀃􀀌􀀚 􀀃􀀄􀀅􀀄􀀆􀀇 􀀇􀀈􀀄􀀆􀀉􀀊 􀀂􀀃􀀄􀀄􀀃􀀅􀀆􀀇􀀈 􀀉􀀊􀀆􀀋􀀌􀀍 􀀍􀀎􀀊􀀏􀀌􀀅 􀀅􀀎􀀊􀀆􀀐􀀏 􀀇􀀑􀀌 􀀒􀀆􀀊􀀍􀀇 􀀓􀀎􀀔􀀊􀀇􀀌􀀊􀀃􀀒 􀀕􀀖􀀕􀀕􀀗 􀀊􀀌􀀒􀀘􀀌􀀋􀀇􀀆􀀐􀀏 􀀇􀀑􀀌 􀀌􀀒􀀒􀀌􀀋􀀇􀀍 􀀃􀀒 􀀇􀀑􀀌 􀀙􀀔􀀊 􀀆􀀐􀀚􀀛􀀊􀀔􀀆􀀐􀀌 􀀔􀀍 􀀙􀀌􀀘􀀘 􀀔􀀍 􀀋􀀃􀀐􀀇􀀆􀀐􀀎􀀌􀀅 􀀏􀀊􀀃􀀙􀀇􀀑 􀀆􀀐 􀀅􀀌􀀄􀀔􀀐􀀅􀀔􀀐􀀅 􀀜􀀔􀀊􀀆􀀃􀀎􀀍 􀀋􀀃􀀐􀀍􀀇􀀊􀀔􀀆􀀐􀀇􀀍 􀀃􀀐 􀀍􀀎􀀉􀀉􀀘􀀈 􀀝􀀒􀀆􀀏􀀎􀀊􀀌 􀀞 A) A􀀄􀀆􀀅 􀀋􀀃􀀐􀀋􀀌􀀊􀀐􀀍 􀀔b􀀃􀀎􀀇 􀀇􀀑􀀌 􀀙􀀔􀀊’􀀍 􀀅􀀆􀀍􀀊􀀎􀀉􀀇􀀆􀀜􀀌 􀀌􀀒􀀒􀀌􀀋􀀇􀀍􀀃􀀐 􀀋􀀃􀀄􀀄􀀃􀀅􀀆􀀇􀀈 􀀍􀀎􀀉􀀉􀀘􀀈􀀗 􀀇􀀑􀀌 􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌􀀍 􀀆􀀐 􀀉􀀊􀀆􀀋􀀌􀀍 􀀙􀀌􀀊􀀌􀀉􀀔􀀊􀀇􀀆􀀋􀀎􀀘􀀔􀀊􀀘􀀈 􀀉􀀊􀀃􀀐􀀃􀀎􀀐􀀋􀀌􀀅 􀀒􀀃􀀊 􀀋􀀃􀀄􀀄􀀃􀀅􀀆􀀇􀀆􀀌􀀍 􀀙􀀑􀀌􀀊􀀌 R􀀎􀀍􀀍􀀆􀀔 􀀔􀀐􀀅 􀀚􀀛􀀊􀀔􀀆􀀐􀀌 􀀔􀀊􀀌 􀀘􀀔􀀊􀀏􀀌 􀀌x􀀉􀀃􀀊􀀇􀀌􀀊􀀍􀀗􀀉􀀔􀀊􀀇􀀆􀀋􀀎􀀘􀀔􀀊􀀘􀀈 􀀌􀀐􀀌􀀊􀀏􀀈􀀗 􀀒􀀌􀀊􀀇􀀆􀀘􀀆z􀀌􀀊􀀍􀀗 􀀔􀀐􀀅 􀀍􀀃􀀄􀀌 􀀏􀀊􀀔􀀆􀀐􀀍 􀀔􀀐􀀅􀀄􀀌􀀇􀀔􀀘􀀍 T􀀑􀀌􀀍􀀌 􀀅􀀌􀀜􀀌􀀘􀀃􀀉􀀄􀀌􀀐􀀇􀀍 􀀑􀀔􀀜􀀌 􀀔􀀅􀀅􀀌􀀅 􀀇􀀃 􀀔 b􀀊􀀃􀀔􀀅-b􀀔􀀍􀀌􀀅 􀀊􀀆􀀍􀀌 􀀆􀀐 􀀋􀀃􀀄􀀄􀀃􀀅􀀆􀀇􀀈 􀀉􀀊􀀆􀀋􀀌􀀍 􀀇􀀑􀀔􀀇 b􀀌􀀏􀀔􀀐􀀆􀀐 􀀄􀀆􀀅-􀀕􀀖􀀕􀀖 􀀙􀀆􀀇􀀑 􀀔 􀀍􀀎􀀊􀀏􀀌 􀀆􀀐 􀀅􀀌􀀄􀀔􀀐􀀅 􀀅􀀊􀀆􀀜􀀌􀀐 b􀀈􀀊􀀌􀀋􀀌􀀅􀀆􀀐􀀏 􀀋􀀃􀀐􀀋􀀌􀀊􀀐􀀍 􀀔b􀀃􀀎􀀇 􀀇􀀑􀀌 􀀂OVID-􀀞9 􀀉􀀔􀀐􀀅􀀌􀀄􀀆􀀋 D􀀌􀀄􀀔􀀐􀀅 􀀒􀀃􀀊 􀀋􀀃􀀄􀀄􀀃􀀅􀀆􀀇􀀆􀀌􀀍 􀀊􀀌b􀀃􀀎􀀐􀀅􀀌􀀅􀀔􀀍 􀀇􀀑􀀌 􀀏􀀘􀀃b􀀔􀀘 􀀌􀀋􀀃􀀐􀀃􀀄􀀈 􀀊􀀌􀀋􀀃􀀜􀀌􀀊􀀌􀀅􀀗 􀀙􀀑􀀆􀀘􀀌􀀋􀀃􀀄􀀄􀀃􀀅􀀆􀀇􀀈 􀀉􀀊􀀃􀀅􀀎􀀋􀀇􀀆􀀃􀀐 􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌􀀅 􀀄􀀃􀀊􀀌 􀀍􀀘􀀃􀀙􀀘􀀈􀀗􀀙􀀌􀀆􀀏􀀑􀀌􀀅 􀀅􀀃􀀙􀀐 b􀀈 􀀍􀀌􀀜􀀌􀀊􀀔􀀘 􀀈􀀌􀀔􀀊􀀍 􀀃􀀒 􀀙􀀌􀀔􀀛 􀀆􀀐􀀜􀀌􀀍􀀇􀀄􀀌􀀐􀀇􀀆􀀐 􀀐􀀌􀀙 􀀉􀀊􀀃􀀅􀀎􀀋􀀇􀀆􀀃􀀐 􀀋􀀔􀀉􀀔􀀋􀀆􀀇􀀈 􀀔􀀍 􀀙􀀌􀀘􀀘 􀀔􀀍 􀀜􀀔􀀊􀀆􀀃􀀎􀀍􀀍􀀎􀀉􀀉􀀘􀀈 􀀅􀀆􀀍􀀊􀀎􀀉􀀇􀀆􀀃􀀐􀀍 A􀀍 􀀔 􀀊􀀌􀀍􀀎􀀘􀀇􀀗 􀀌􀀐􀀌􀀊􀀏􀀈 􀀉􀀊􀀆􀀋􀀌􀀍 􀀝􀀆􀀐 􀀚 S 􀀅􀀃􀀘􀀘􀀔􀀊 􀀇􀀌􀀊􀀄􀀍)􀀙􀀌􀀊􀀌 􀀄􀀃􀀊􀀌 􀀇􀀑􀀔􀀐 􀀒􀀃􀀎􀀊 􀀇􀀆􀀄􀀌􀀍 􀀑􀀆􀀏􀀑􀀌􀀊 􀀆􀀐 M􀀔􀀊􀀋􀀑 􀀕􀀖􀀕􀀕􀀇􀀑􀀔􀀐 􀀇􀀑􀀌􀀆􀀊 A􀀉􀀊􀀆􀀘 􀀕􀀖􀀕􀀖 􀀘􀀃􀀙􀀍—􀀇􀀑􀀌 􀀘􀀔􀀊􀀏􀀌􀀍􀀇 􀀕3-􀀄􀀃􀀐􀀇􀀑􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌 􀀆􀀐 􀀌􀀐􀀌􀀊􀀏􀀈 􀀉􀀊􀀆􀀋􀀌􀀍 􀀍􀀆􀀐􀀋􀀌 􀀇􀀑􀀌 􀀞973 􀀃􀀆􀀘 􀀉􀀊􀀆􀀋􀀌􀀑􀀆􀀛􀀌 􀀝􀀒􀀆􀀏􀀎􀀊􀀌 􀀞 B) F􀀌􀀊􀀇􀀆􀀘􀀆z􀀌􀀊 􀀉􀀊􀀆􀀋􀀌􀀍 􀀊􀀃􀀍􀀌 b􀀈 􀀕􀀕􀀖􀀉􀀌􀀊􀀋􀀌􀀐􀀇 b􀀌􀀇􀀙􀀌􀀌􀀐 A􀀉􀀊􀀆􀀘 􀀕􀀖􀀕􀀖 􀀔􀀐􀀅 M􀀔􀀊􀀋􀀑 􀀕􀀖􀀕􀀕􀀗􀀇􀀑􀀌􀀆􀀊 􀀘􀀔􀀊􀀏􀀌􀀍􀀇 􀀕3-􀀄􀀃􀀐􀀇􀀑 􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌 􀀍􀀆􀀐􀀋􀀌 􀀕􀀖􀀖8 􀀝􀀒􀀆􀀏􀀎􀀊􀀌 􀀞 􀀂) S􀀆􀀄􀀆􀀘􀀔􀀊􀀘􀀈􀀗 􀀒􀀃􀀃􀀅 􀀉􀀊􀀆􀀋􀀌􀀍 􀀊􀀃􀀍􀀌 b􀀈 84 􀀉􀀌􀀊􀀋􀀌􀀐􀀇􀀗􀀇􀀑􀀌􀀆􀀊 􀀘􀀔􀀊􀀏􀀌􀀍􀀇 􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌 􀀆􀀐 􀀔 􀀋􀀃􀀄􀀉􀀔􀀊􀀔b􀀘􀀌 􀀉􀀌􀀊􀀆􀀃􀀅 􀀍􀀆􀀐􀀋􀀌􀀕􀀖􀀖8 􀀝􀀒􀀆􀀏􀀎􀀊􀀌 􀀞 D) T􀀑􀀌􀀍􀀌 􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌􀀍 􀀆􀀐 􀀉􀀊􀀆􀀋􀀌􀀍 􀀔􀀊􀀌􀀑􀀔􀀜􀀆􀀐􀀏 􀀄􀀔j􀀃􀀊 􀀑􀀎􀀄􀀔􀀐􀀆􀀇􀀔􀀊􀀆􀀔􀀐 􀀔􀀐􀀅 􀀌􀀋􀀃􀀐􀀃􀀄􀀆􀀋 􀀆􀀄􀀉􀀔􀀋􀀇􀀍􀀔􀀐􀀅 􀀌x􀀔􀀋􀀌􀀊b􀀔􀀇􀀆􀀐􀀏 􀀒􀀃􀀃􀀅 􀀆􀀐􀀍􀀌􀀋􀀎􀀊􀀆􀀇􀀈 􀀔􀀐􀀅 􀀆􀀐􀀒􀀘􀀔􀀇􀀆􀀃􀀐 􀀆􀀐􀀄􀀔􀀐􀀈 􀀋􀀃􀀎􀀐􀀇􀀊􀀆􀀌􀀍 E􀀉􀀃􀀇􀀗􀀕 􀀓􀀇􀀈􀀍􀀃􀀌 􀀑􀀔􀀜􀀌 􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌􀀅 􀀍􀀑􀀔􀀊􀀉􀀘􀀈 􀀍􀀆􀀐􀀋􀀌 􀀇􀀑􀀌 􀀍􀀇􀀔􀀊􀀇􀀃􀀒 􀀇􀀑􀀌 􀀈􀀌􀀔􀀊􀀗 􀀙􀀆􀀇􀀑 b􀀊􀀃􀀔􀀅-b􀀔􀀍􀀌􀀅 􀀆􀀐􀀋􀀊􀀌􀀔􀀍􀀌􀀍 􀀔􀀋􀀊􀀃􀀍􀀍 􀀔􀀘􀀘􀀒􀀎􀀌􀀘􀀍; 􀀍􀀃􀀄􀀌 􀀋􀀃􀀔􀀘 􀀔􀀐􀀅 􀀐􀀔􀀇􀀎􀀊􀀔􀀘 􀀏􀀔􀀍 b􀀌􀀐􀀋􀀑􀀄􀀔􀀊􀀛􀀍􀀊􀀌􀀔􀀋􀀑􀀌􀀅 􀀔􀀘􀀘-􀀇􀀆􀀄􀀌 􀀑􀀆􀀏􀀑􀀍 􀀆􀀐 M􀀔􀀊􀀋􀀑 S􀀌􀀜􀀌􀀊􀀔􀀘 􀀋􀀃􀀎􀀐􀀇􀀊􀀆􀀌􀀍􀀗􀀆􀀐􀀋􀀘􀀎􀀅􀀆􀀐􀀏 􀀂􀀔􀀐􀀔􀀅􀀔􀀗 􀀇􀀑􀀌 􀀚􀀐􀀆􀀇􀀌􀀅 K􀀆􀀐􀀏􀀅􀀃􀀄􀀗 􀀔􀀐􀀅 􀀇􀀑􀀌􀀚􀀐􀀆􀀇􀀌􀀅 S􀀇􀀔􀀇􀀌􀀍 􀀔􀀐􀀐􀀃􀀎􀀐􀀋􀀌􀀅 􀀍􀀔􀀐􀀋􀀇􀀆􀀃􀀐􀀍 􀀃􀀐 􀀆􀀄􀀉􀀃􀀊􀀇􀀍 􀀃􀀒 R􀀎􀀍􀀍􀀆􀀔􀀐 􀀌􀀐􀀌􀀊􀀏􀀈; 􀀍􀀃􀀄􀀌 􀀌􀀐􀀌􀀊􀀏􀀈-􀀉􀀊􀀃􀀅􀀎􀀋􀀆􀀐􀀏􀀋􀀃􀀄􀀉􀀔􀀐􀀆􀀌􀀍 􀀔􀀐􀀐􀀃􀀎􀀐􀀋􀀌􀀅 􀀇􀀑􀀌􀀈 􀀙􀀃􀀎􀀘􀀅 􀀋􀀌􀀔􀀍􀀌􀀃􀀉􀀌􀀊􀀔􀀇􀀆􀀃􀀐􀀍 􀀆􀀐 R􀀎􀀍􀀍􀀆􀀔; 􀀔􀀐􀀅 􀀄􀀔􀀐􀀈 􀀇􀀊􀀔􀀅􀀌􀀊􀀍 􀀋􀀑􀀃􀀍􀀌 􀀇􀀃􀀅􀀆􀀍􀀋􀀃􀀐􀀇􀀆􀀐􀀎􀀌 􀀇􀀊􀀔􀀅􀀌􀀍 􀀆􀀐 R􀀎􀀍􀀍􀀆􀀔􀀐 􀀃􀀆􀀘􀀗 􀀉􀀔􀀊􀀇􀀘􀀈 b􀀌􀀋􀀔􀀎􀀍􀀌 􀀃􀀒􀀅􀀆􀀒􀀒􀀆􀀋􀀎􀀘􀀇􀀆􀀌􀀍 􀀆􀀐 􀀃b􀀇􀀔􀀆􀀐􀀆􀀐􀀏 􀀆􀀐􀀍􀀎􀀊􀀔􀀐􀀋􀀌 􀀃􀀐 􀀋􀀔􀀊􀀏􀀃􀀌􀀍 􀀃􀀊 􀀄􀀔􀀛􀀆􀀐􀀏 􀀇􀀊􀀔􀀐􀀍􀀔􀀋􀀇􀀆􀀃􀀐􀀍$􀀞􀀞6/bb􀀘 􀀆􀀐 M􀀔􀀊􀀋􀀑

FAQs

What is the report’s main focus regarding the war in Ukraine?

It focuses on how the war affects commodity markets through supply and demand channels.

Which commodity-market factors are emphasized as being most affected?

Energy and fertilizer supply disruptions, along with shifts in import demand and resulting price changes.

How does the report treat uncertainty for the outlook?

It discusses scenario-aware considerations for near-term market behavior and highlights key risks.

Jul 19, 2026

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