In an analysis issued by the International Food Policy Research Institute late Thursday, Joe Glauber, a former Agriculture Department chief economist, and David LaBorde wrote, “Russia’s invasion of Ukraine will further disrupt global markets, will have negative consequences for global grain supplies in the short term, and by disrupting natural gas and fertilizer markets, have negative impacts for producers as they enter a new planting season.”

“This could push up already-high food price inflation, and have serious consequences for low-income net-food importing countries, many of which have seen an increase in malnourishment rates over the past few years in the face of pandemic disruptions.”

Meanwhile, Fastmarkets, a publication of AgriCensus, a London-based price reporting agency, said that Bunge, the agribusiness conglomerate, had temporarily suspended its Ukraine-based operations at processing facilities in Nikoalev and Dnipro, and closed the company offices across the country.