By itself, Kazakhstan can't cause a panic in the grain markets.
But when you add that country to the list of other countries that are blocking off the grain trade...it gets scary.
The problem is that liquidity is being sucked out of the system. There is less grain on the market and every little piece of bad news sends prices skyrocketing.
$4 bread is survivable for Americans but it could be a death sentence in the poor countries.
Imagine if oil exporters started saying, "Nope, no exports this year.".
If Mexico or Norway were to do this, we'd see $200 a barrel oil TOMORROW.
That's the situation with food right now. The Philippines says no more exports this year and rice shoots up 38% in one day.
God help us if harvests are poor this year in the countries still willing to provide exports.