Russia's Wheat Exports Surge Amid Terminal Disruptions

Russia's wheat exports surged 26% in the week ending August 14, reaching 484,759 tonnes. The increase was largely due to shipments sent before grain terminal operations at Novorossiysk were suspended following an attack on August 12.

The largest importer of Russian wheat during this period was Egypt, which received 142,050 tonnes. Other major importers included Indonesia with 66,000 tonnes and Saudi Arabia with 62,575 tonnes.

However, the suspension of operations at Novorossiysk has sharply reduced Russia's available Black Sea and Azov grain export capacity in the near term. The disruption could impact August wheat exports, which were forecast to be 2.7-3.1 million tonnes, down by 1.4-1.8 million tonnes from last year.

A fire broke out at the port of Ust-Luga on August 14 following an overnight drone attack, raising concerns that further incidents could prompt shipowners and insurers to impose restrictions on calls at the port.