Russia's Wheat Exports Plummet Amid Black Sea Blockade

Russia's wheat exports have seen a significant decline since July due to the blockade of the major export route by Russia and Ukraine on the Black Sea.

Data from the Russian Grain Union shows that only eight countries purchased wheat from Russia in September, down from 26 countries a year ago. Egypt remains the biggest buyer of Russian wheat, but its purchases have decreased significantly, with a 3.6 times drop from last year's levels between September 10 and 20.

The disruption has led to an increase in unsold stocks and a decrease in local prices, warning signs for Russia's agricultural sector. The central bank warned that prolonged disruptions could negatively impact output.