Last week’s rollercoaster moves in the grain markets illustrate the volatility caused by Russia’s unpredictable approach to the Black Sea Grain Initiative and other global uncertainties, said U.S. Department of Agriculture (USDA) Chief Economist Seth Meyer. 

“I’m not sure that we will, over the next 12 months, cool down this volatility that we’ve seen in commodity prices significantly as global markets continue to remain tight,” Meyer said. 

“The war in Ukraine continues to be a dynamic battlefield with a long tail of uncertainty.”

The Ukraine shipping situation,...