Black Sea Ruse Global grain markets are said to be spiking higher on the prospect of a Russian invasion of Ukraine. After all, these two countries supply a quarter of all globally traded wheat and almost a fifth of its corn. Yet none of the previous modern incidents of geopolitical upheaval have resulted in any disruption to the global grain trade. Moreover, the threat of U.S. and European sanctions are based on Moscow formally charging into Ukraine, whereas Kyiv says Russia is instead executing a hybrid war of disruption designed to skirt western criteria for action. Conquest via other means, Russia will gain control of Ukraine without President Biden firing a single sanction.  Finally, only the U.S. and Europe will impose any penal...