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Price Integration of the Ukrainian and EU Corn Markets in the Context of the Russian—Ukrainian War

Author

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  • Mariusz Hamulczuk

    (Department of International Economics and Agribusiness, Warsaw University of Life Sciences, 02-787 Warszawa, Poland)

  • Denys Cherevyk

    (Department of International Economics and Agribusiness, Warsaw University of Life Sciences, 02-787 Warszawa, Poland)

Abstract

Russia’s full-scale aggression against Ukraine has led to profound disruptions in local and global agri-food markets. Since Ukraine is one of the world’s largest maize exporters, the war also contributed to considerable changes in trade reallocation, as well as an increase in the significance of the European Union in Ukrainian exports. This study analyses the effects of the Russian–Ukrainian war on horizontal maize price transmission between Ukraine and the EU countries. The panel autoregressive distributed lag model (ARDL) was applied to investigate the impact of the war on the price pass-through between those countries. The econometric analysis was performed on a weekly feed maize export price series for Ukraine and 14 selected EU countries. The time frame of research, January 2019 to December 2024, was split into pre-war and war periods. The study indicates that with the outbreak of the war, the long-term relationship between Ukraine and the EU’s maize prices has weakened. At the same time, there was an increase in the short-run maize price transmission between Ukraine and the Eastern EU countries. This proves that in the face of the conflict, market participants in these countries are increasingly guided by the market situation in Ukraine when making economic decisions.

Suggested Citation

  • Mariusz Hamulczuk & Denys Cherevyk, 2025. "Price Integration of the Ukrainian and EU Corn Markets in the Context of the Russian—Ukrainian War," Agriculture, MDPI, vol. 15(16), pages 1-17, August.
    • Handle: RePEc:gam:jagris:v:15:y:2025:i:16:p:1777-:d:1727763
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    References listed on IDEAS

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