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The potential conflict brewing between Russia and Ukraine could have a major impact on crop prices, as Ukraine is a key player in several global agricultural markets. Ukraine has more than 41.5 million hectares of agricultural land that cover 70 percent of the country.
Globally, Ukraine ranks first in sunflower production, including sunflower seeds and oil; in the mid-2000s, Ukraine became the No. 1 exporter of sunflower oil in the world. It also ranks sixth in corn production, sixth in barley, seventh in rapeseed (canola oil), ninth in soybean production and ninth in wheat. The share of agriculture in export revenues for Ukraine increased from 26 percent in 2012 to 45 percent in 2020 amounting to $22.2 billion.
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