Black Sea Wheat Exports Plummet Amid Ongoing Conflicts

Russian wheat exports from July to September have plummeted by 53% compared to last year, according to estimates. The country is expected to export around 5.4 million tonnes of wheat during this period, a significant decline from the 11.7 million tonnes shipped in the same period last year.

In contrast, Ukraine's wheat exports are also down by 45% compared to the same time frame last year. The country is expected to export around 2.6 million tonnes of wheat during this period.

SovEcon, a market research firm, believes that there is currently no clear path to normalizing shipping in the Black Sea region, and warns that disruptions to wheat exports may be more prolonged than anticipated.