Black Sea Shipping Crisis Cuts Russian and Ukrainian Wheat Exports by 60 Percent
Source Summary
Strikes against Black Sea ports and vessels have severely disrupted shipping routes, reducing combined Russian and Ukrainian wheat exports by 60 percent compared to the previous year. Global wheat prices have already risen from a year ago, with experts warning further increases are possible as the security situation deteriorates.
Why it matters
Disruption of grain exports from two major global suppliers threatens food security and inflation in importing nations worldwide.
What remains uncertain
The extent of further price increases and the duration of the shipping disruption remain uncertain.
