Russian Wheat Exports Brace for Decade Low in August Amid Black Sea Attacks
Russia and Ukraine have been attacking each other’s agricultural export facilities and commercial vessels in the Black Sea in recent weeks, driving wheat prices higher on global markets.
Russian wheat exports are projected to plummet to a decade low in August due to Black Sea attacks on commercial vessels, industry experts have warned. Agricultural consultancy SovEcon predicts Russia will ship between 3 million and 3.4 million metric tons of wheat in August, a significant decline from the five-year August average of 5 million tons.
ProZerno forecasts overall grain exports to drop to nearly 2.5 million metric tons due to severe congestion in the Black Sea and Sea of Azov. The export bottleneck has left Russia's domestic market oversupplied, causing local prices to drop by up to 450 rubles per ton. Despite foreign buyers backing away, Russia's Agriculture Ministry announced a higher wheat export tax for Aug.
12-18. Meanwhile, Russia's grain production has exceeded 72 million metric tons, with more than 60 million tons of wheat. Russia's grain exporters union has warned of potential Black Sea exports shutting down, which could raise prices and cause hunger in Africa and the Middle East. The Moscow Times, a Russian news outlet, faces criminalization by the Prosecutor General's Office, with journalists refusing to be silenced despite facing repression.
Written by urgent.news from The Moscow Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
