Russia’s invasion of Ukraine will have repercussions well beyond eastern Europe. The war between two of the world’s most important grain producers sent wheat prices to a record high earlier this month.

Egypt is among those already feeling the strain. The country is the world’s top wheat importer and gets nearly 80 per cent of its supply from Russia and Ukraine. It raised interest rates and let its currency devalue on Monday in a bid to control surging food prices and stave off the risk of social unrest.

In the US, farmers should soon feel the effects of the crisis in the form of pricier input costs. In theory, American farmers should be well placed to reap the benefits of higher agricultural commodity prices, as Ukraine also produces a lot of corn and sunflower seed oil.