Russia-Ukraine Conflict Halted 97% of Grain Exports from Black Sea

The ongoing conflict between Russia and Ukraine has led to a significant disruption in grain exports from both countries. According to Reuters, over 97% of grain export capacity in the Sea of Azov and Black Sea basin has been halted due to maritime attacks.

In the last month, both countries have intensified attacks on ports, forcing importers from the Middle East, Africa, and Asia to seek grain from more expensive suppliers like Australia and the United States. Previously, Russia and Ukraine together exported around 7.2 million tons of grain per month, but current shipments from Ukrainian ports are suspended.

The halt in exports has led to a surge in global wheat prices, with a 6.5% increase in the last month and a 30% rise compared to last year. Analysts predict that Russia's wheat exports will reach their lowest level since 2010 as Ukrainian ports in Odesa have ceased operations.