Black Sea Grain Exports Plummet Amid Ongoing Attacks

Attacks on shipping have severely impacted grain exports from Russia and Ukraine's Black Sea region. According to Reuters calculations, more than 97% of their combined grain export capacity has been shut down since the attacks intensified over the past month.

The two major grain exporters have targeted ports and shipping in the Azov and Black Sea basin, leaving importers in the Middle East, Africa, and Asia facing a shortage of low-cost supplies. As a result, global wheat prices have risen about 6.5% this month and are now roughly 30% higher than a year ago.

Only one small grain terminal in Tuapse remains operational in Russia, with a capacity of around 160,000 tons per month. Ukraine's Black Sea terminals have ceased operations altogether, with the country redirecting some exports through rail links with Eastern Europe and Danube river ports instead.