Black Sea Disruptions Send Wheat Prices Soaring

The ongoing Russia-Ukraine war has severely disrupted wheat supplies from the Black Sea region, affecting major importers across Asia, the Middle East, and Africa.

Russia and Ukraine account for more than a quarter of global wheat trade, with their seaborne exports making up around 30% of global wheat exports, according to Kpler estimates.

The disruption has pushed benchmark Chicago wheat futures about 40% above their June lows to a three-and-a-half-year high, while wheat from alternative suppliers has also become more expensive.

Major buyers like Egypt, Indonesia, and Bangladesh are struggling to replenish dwindling stocks at higher prices or wait for supplies from Russia and Ukraine to recover.