Wheat futures traded around $6.70 per bushel in mid-July, remaining at its highest level since May 12, as escalating Ukrainian and Russian strikes in the Black Sea raised concerns over disruptions to a crucial global grain export corridor.
Ukrainian forces targeted Russian vessels in the Black Sea after striking more than 100 Russia-linked ships in the Sea of Azov, while Moscow stepped up attacks on Ukrainian ports.
The Black Sea remains a critical hub for global grain shipments, with Russia the world’s largest wheat exporter and Ukraine among the leading suppliers.
Ukraine has already lost roughly one-third of its grain export capacity through Black Sea ports due to intensified Russian attacks, raising concerns over tighter global supplies.
The latest escalation has revived memories of the supply shock at the start of the war in 2022, when the closure of Ukrainian ports stranded millions of tonnes of grain and sent global food prices sharply higher.