Wheat Prices Soar 25% as Black Sea Export Infrastructure Comes Under Attack

Global wheat prices have surged by around 25% since January, according to experts at the Sofia Commodity Exchange (SCE). The increase is attributed to attacks on Ukraine and Russia's export infrastructure in the Black Sea, which has disrupted grain shipments.

Russian wheat exports are expected to fall to their lowest level since the 2016/17 season, with estimates suggesting around 3-3.4 million tonnes will be exported in August, compared to an average of 5 million tonnes.

Ukraine has also revised its grain export forecast for the 2022/23 season, cutting it by nearly half to 29.6 million tonnes.