Was there ever a grain shortage crisis caused by the Russian blockade of Ukrainian exports? Dmitri Alperovitch gets the real story from Dr. Scott Irwin, Professor of Agricultural and Consumer Economics at University of Illinois and an international leader in the field of agricultural economics. Dr. Irwin discusses the true state of grain markets and the causes behind the recent increase in food prices and what can be done about it.

Topics covered:

• How likely is the current grain crisis to lead to famine?
• What is the impact of resumption of Ukraine's grain exports after a deal brokered by Turkey?
• Why were wheat prices increasing even before the Russian invasion?
• Ukraine's wheat is a tiny fraction of global production. Why is it having such outsize effects on price?
• Can substitute crops make up for missing wheat?
• What will be the impact of fertilizer shortage on food markets?
• What can governments do to alleviate future food crises?

Episode produced by Patrick Gray (risky.biz)