The war in Ukraine is creating significant changes in global trade flows.

That statement from David Przednowek, assistant vice president of grain for CN Rail.

"From a Canadian demand perspective, it started in the last week of February, you've got forward sales put on. We haven't seen a spike in demand as a consequence of that. Where you're seeing it more is trade flow out of the U.S., where a lot of Ukraine corn can't get out. That has to get covered by other origins. The U.S. is one of those origins that can cover, from that perspective we're seeing those changes occur."

He notes it will be interesting to see how things play out as we get into the back end of 2022 and beyond to see how prolonged those changes in trade flow are and what the implications are for the movement of grain and other commodities, adding it's still early to tell.