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I think these tend to be short term issues. The world has plenty of arable land to feed itself it’s just that it cheaper to use ukranian land than unused land elsewhere. In the short term shutting down ukranian production means big price spikes because hungry people pay what it takes. In the long term you just start producing elsewhere on lower quality land and prices are 5-10% higher than before.
Maybe, but spike in food costs and permanent 5% increase is not "the market would barely even notice". And that may be enough to trigger new waves of migration counted in tens of millions.
"wheat is 10% more expensive" is noticeable for people in USA or Europe but they will at most complain and may push them to vote differently. It is different where people spend 50% of budget on food where that may be enough to trigger riots, famine and mass migration.
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The world has plenty of arable land and is also a very small place when Russia and China are throwing their weight around. The argument here isn't that the sky will fall. The argument is that the leverage the west has over the rest gets weaker. Potentially getting turned on its head.
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