Black Sea Wheat Shipments Collapse Amid Port Strikes

Wheat shipments from the Black Sea have dropped by 50 percent since port strikes hit Asian millers, forcing food processors to scramble for replacement cargoes. The disruption has driven global wheat prices to three-year highs, with major buyers like Egypt feeling the pinch.

The conflict between Russia and Ukraine has affected over a quarter of the global wheat trade, with two-thirds of sunflower oil exports and 10 percent of corn shipments also impacted. Asian millers are diverting purchases to suppliers in Australia, North America, and secondary European countries like Bulgaria and Romania, but at higher prices.

The disruption is expected to continue into the fourth quarter, with contract repricing underway as existing warehouse inventories run down through October. The shortage has already led to higher feedstock costs for livestock and bakery margins, forcing food manufacturers across Asia to revise consumer-facing prices.