Black Sea Grain Exports Plummet Amid Ongoing Attacks
Russia and Ukraine's Black Sea grain exports have effectively come to a standstill due to attacks on shipping, which has halted over 97% of their combined export capacity in the region.
This has cut off a significant source of low-cost supplies, driving up global prices. Last season, Russia and Ukraine exported an average 7.2 million metric tonnes of grain per month from terminals in the Azov and Black Sea basin.
Currently, no shipments are leaving Ukraine's Black Sea terminals, and only one Russian terminal, a small facility in Tuapse with capacity for about 160,000 tonnes a month, remains operational.
Global wheat prices have risen by around 6.5% in August and are now approximately 30% higher than last year. Analysts predict that pressure is mounting on importers to secure supplies as there are no signs of de-escalation in the Black Sea region.