TheStreet: Watch Grain Markets and Monsanto for Price Gains From Ukraine Crisis

By SIMON CONSTABLE

NEW YORK (TheStreet) -- The world's eyes are yet again on Ukraine, as fighting in eastern provinces intensifies and Russian and U.S. military forces stare each other down in the Black Sea. 

So what is an investor to do? Start by forgetting Ukraine's natural gas pipeline to Europe: The effects of the conflict will more likely play out in the world grain markets.

First, the gas worries, which may be little more than hot air. Yes, the European Union does import a lot of gas from Russia, but less than previously. At year-end the total was around 9 billion cubic feet a day down from close to 14 billion at the beginning of 2011, according to estimates from the Energy Policy Research Foundation.

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