The other Hormuz: Black Sea blockade threatens a food supply shock
Shipments from the Black Sea have been cut since July, and SovEcon says combined Russian and Ukrainian wheat exports may fall to half last year’s pace.
- Wheat prices have climbed to three-year highs as Black Sea shipments remain throttled. Since July, Russia and Ukraine have stepped up attacks on each other's ports, disrupting a waterway that carries more than 70% of Russian grain exports.
- Russia and Ukraine typically account for more than a quarter of global wheat trade, yet combined exports are estimated at roughly half of last year's levels. This disruption threatens food security in populous nations reliant on the Black Sea conduit.
- Tue Vuong, chief executive of Golden Wheat, saw four wheat cargoes blocked by escalating conflict, forcing him to scramble for replacement supplies. Vuong noted, "I was very panicked," after his shipments failed to sail.
- Odesa, which typically handled about 90% of Ukraine's grain exports, is under regular missile barrage, leaving major importers like Egypt struggling. Egypt, the world's largest wheat importer, has gone about a month without any Black Sea grain.
- Farmers in Russia and Ukraine are already curbing wheat sowing for next year's harvests, threatening future grain supplies. There is little sign of a revival of the 2022 shipping corridor Turkey once brokered for Ukrainian shipments.
27 Articles
27 Articles
The Ukrainian Grain Corridor is blocked by Russia and transport through the Danube, rail and roads is subject to restrictions. Bloomberg describes the effects on exports and world buyers.
More than a quarter of the world's grain trade passes through the Black Sea The post Black Sea: The blockade that threatens to shock food supplies appeared first on in.gr.
There is not only the blockade of oil in the Strait of Hormuz. The war in Ukraine is stopping the loads of wheat, corn and sunflower oil. I buy...
While the world is focused on the energy crisis caused by the situation in the Middle East, the Black Sea threatens a global food shock
Why the Black Sea blockade is compared to the blockade of the Strait of Hormuz and how it threatens the world The <p>attacks cut grain supplies from Ukraine and Russia, raising wheat prices to a three-year high. The EU warns of a global crisis.</p>
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