Russia Expands Grain Shipping Capacity Amid Black Sea Disruptions

Russia's efforts to avoid shipping grain through the Black Sea have led to the refitting of terminals along its Baltic and Arctic ports. This move is expected to increase the amount of wheat available on the open market, which has been under pressure due to a strong U.S. harvest.

The U.S. Department of Agriculture reported that 13% of U.S. corn was in storage as of Sunday, up from 8% a week earlier and the prior five-year average of 11%. The spring wheat harvest was almost complete, with 96% collected.

Russia is the largest exporter of wheat globally, and Ukraine is the sixth-largest. The expansion of shipping terminals should help to mitigate the impact of disruptions in grain exports caused by Russia's actions in the Black Sea.