Wheat Prices Soar Amid Russia-Ukraine Conflict and Global Drought
Wheat prices have surged globally due to disruptions in Black Sea exports caused by the ongoing Russia-Ukraine war and changing weather patterns. The conflict has led to attacks on grain terminals, vessels, and facilities, resulting in delayed or canceled cargo loadings during the peak export season.
Russia's attacks on Ukraine's ports have impacted Ukraine's grain exports, while Ukraine's drone attacks in the Sea of Azov have curtailed Russian shipments. Attacks on Russia's Novorossiysk and Taman ports have increased shipping costs out of its Black Sea ports.
According to Ukraine's Ministry of Infrastructure, in July, Ukraine suffered 35 Russian attacks on vessels in port, 22 at sea, and 67 on port facilities. This compares to a total of just 14 vessel strikes for the whole of 2025.