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Even before Russia invaded Ukraine, prices of many agricultural commodities were on the rise due to supply shortages and growing demand for food as economies recover from the coronavirus crisis.
The conflict between Russia and Ukraine – major global producers of commodities such as corn, wheat, barley and potash – has sent prices soaring even higher amid anticipation of even greater supply shortages.
Many agriculture stocks and exchange-traded funds have surged in recent weeks and are trading at or near all-time highs. While investors in the sector are benefitting from the higher prices, money managers warn stocks will be volatile in the weeks and months to come.
“The macro environment has changed significantly in the past couple of weeks,” says Mike Archibald, vice-president and portfolio manager at AGF Investments. “For people looking at the space right now, I would suggest some level of caution.”
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