Black Sea Wheat Prices Plunge Amid Logistical Disruptions

The Black Sea region's wheat prices have plummeted due to logistical disruptions affecting ports in Russia and Ukraine. Russian wheat FOB prices for 12.5% protein are currently trading at around $217 per metric ton, down from near $230/t just a few months ago.

Restrictions and operational shutdowns at key terminals in the Port of Novorossiysk have significantly disrupted shipments. A similar situation is unfolding in Ukraine, where operational limitations at the Port of Odesa are affecting trade.

In response to logistical uncertainty, many international buyers have adopted a more cautious stance, limiting new demand for wheat from these origins. This has led to a shift in purchases toward alternative exporters like Romania and France, which are offering FOB prices near $260/t and $263/t respectively.