Commodities
Black Sea Conflict Sparks Global Wheat Supply Crunch
The ongoing conflict between Russia and Ukraine has severely impacted global wheat supplies as their ports continue to come under attack, restricting exports.
Russian and Ukrainian wheat exports have been cut by 50% and 3.2mt respectively, with only around 600,000t of wheat exported from Ukraine in August compared to 2.6mt last year.
Other countries are filling the gap, but at a higher price as they import wheat from the EU, US, Argentina, Canada, and Australia.
The uncertainty surrounding demand has affected wheat futures, with London Liffe feed wheat futures for November 2026 falling to £211.75/t from a high of £219.25/t earlier in September.