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INFORMATION NOTE 10 June 2022 Update THE IMPORTANCE OF UKRAINE AND THE RUSSIAN FEDERATION FOR GLOBAL AGRICULTURAL MARKETS AND THE RISKS ASSOCIATED WITH THE WAR IN UKRAINE Ó FAO/Anatolii Stepanov EXECUTIVE SUMMARY 1. Market structure, trade profiles and recent price trends 1.1. Market shares • The Russian Federation and Ukraine are among the most important producers of agricultural commodities in the world. Both countries are net exporters of agricultural products and are leading suppliers of foodstuffs and fertilizers to global markets, where exportable supplies are often concentrated in a handful of countries. The high concentrations could increase the vulnerability of these markets to shocks and volatility. • In 2021, either the Russian Federation or Ukraine, or both, ranked among the top three global exporters of wheat, barley, maize, rapeseed and rapeseed oil, sunflower seed and sunflower oil. The Russian Federation also ranked as the world’s top exporter of nitrogen fertilizers, t...