Black Sea Attacks Send Global Wheat Prices Soaring

Global wheat importers are bracing for tighter supplies as attacks on Black Sea grain infrastructure disrupt shipments, heightening food security risks for top buyers such as Egypt and Indonesia.

Tit-for-tat attacks by Russia and Ukraine have shuttered grain terminals and forced shippers to delay or cancel loadings for dozens of cargoes during the peak export season.

Chicago futures have climbed more than 17% since July, fueled largely by a shortfall in Black Sea supplies, with physical prices making strong gains in rival exporters Argentina, Australia, and the United States.