Wheat prices declined to about $6.40 per bushel, a three-week low, after Russia announced new measures to strengthen the security of shipping in the Azov–Black Sea region and to develop alternative cargo routes. The announcement followed a recent escalation in maritime attacks between Russia and Ukraine that has disrupted grain exports from two of the world’s largest suppliers.
Russia’s transport ministry stated that it had established a task force to reroute cargo flows and improve navigational safety, while port operators committed to accommodating additional shipments where possible. Nonetheless, industry groups in both countries warned that ongoing attacks on ports, export terminals, and commercial vessels could severely impair Black Sea grain exports during the peak harvest season, posing a risk to global food supplies.
At the same time, growing optimism over a potential easing of geopolitical tensions in the Middle East put additional downward pressure on grain prices by improving the outlook for fertilizer and energy supplies.
