Ukraine War Sends Grain Prices Soaring as Black Sea Ports Shut Down

The war in Ukraine has disrupted grain exports from Black Sea ports, causing prices to surge as global food supplies tighten.

Grain prices have increased by around 20-30% since the conflict began, with wheat futures up by 15.5% and corn futures up by 13% on the Chicago Board of Trade.

The Black Sea ports are crucial for Ukraine's grain exports, accounting for about 70% of the country's total exports. However, Russia's naval blockade has limited access to these ports, forcing ships to divert around Crimea or wait at anchor in Turkish waters.