Ukrainian grains - Stocks are high but current logistics stop movement to consumers

This chart from U1 Argo tells an interesting story on agriculture logistics. Ukrainian grain exists from last year, but with export restrictions and war, consumers will not be able to access in the near-term. Commodities are often about logistics and logistical dislocations are the reason for the large futures backwardation. The investment issue is determining when will these stocks will move, and how strong will be near-term Southern Hemisphere exports and North America harvests.