Editor’s note: The following was compiled from information provided from Agriculture and Agri-Food Canada and Farm Credit Corporation.

The invasion of Ukraine by Russia is exacting a horrible cost in human terms and the war raging in Eastern Europe is likely to be one of the biggest influences on agricultural markets this year.

While neither Ukraine nor Russia are large scale trading partners with Canada when it comes to the agriculture and food sector, it is expected that trade with Ukraine will slow down and that sanctions imposed on Russia will make trade with that country more difficult.

In the last five years, Canada has exported an average of $65 million in agriculture and food products to Ukraine and imported about $33 million. When it comes to Russia, over the same period on average, Canada has exported $80 million and imported $93 million in ag and food products.

While grains and oilseeds markets were already unpredictable, the conflict is adding more volatility.

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