Russia-Ukraine Port Attacks Drive Global Wheat Prices to Three-Year Highs

Mutual drone and missile attacks by Russia and Ukraine on Black Sea ports and vessels have severely throttled wheat and corn exports. September wheat exports are projected to drop 56% in Russia and 52% in Ukraine compared to last year, pushing U.S. wheat futures to three-year highs. These disruptions, compounded by global droughts and El Niño weather patterns, threaten food security across the Middle East and North Africa.

Ukraine has targeted Russian vessels in the Sea of Azov and facilities in Taman and Novorossiysk, while Russia has struck Ukrainian hubs including Odesa. Internally, farmers in both nations face a glut of unsold grain and plummeting local prices. The Krasnodar region of Russia has declared a state of emergency as farmers struggle to sell their crops.

U.S. Secretary of State Marco Rubio reported that both nations expressed interest in a limited ceasefire to protect grain and energy facilities, though Moscow has remained dismissive of specific proposals from Kyiv.