Black Sea Disruptions Threaten Russia's Wheat Export Record

Russia's wheat exports are facing significant disruptions due to escalating attacks on commercial vessels in the Black Sea, leading to a potential decade-low export volume in August.

According to SovEcon, Russia is expected to export between 3 and 3.4 million tons of wheat in August, well below the five-year average of 5 million tons for the month.

The five-year average for grain exports stands at 5.7 million tons, while ProZerno forecasts total grain exports at nearly 2.5 million tons due to severe logistics disruptions.

Russia's Agriculture Ministry has announced an increase in the wheat export duty for August 12-18, but this may not be enough to mitigate the effects of the shipping disruptions.