Russian wheat exports expected to fall by third due to attacks in Sea of Azov

Ukrainian strikes in the Sea of Azov have paralysed Russian grain exports. Russian exporters are forecast to ship 1.5 million tonnes of wheat abroad in July, a third less than in the same month last year, when the figure stood at 2.1 million tonnes, and half the average for the past five years, which was 3.1 million tonnes.

Source: The Moscow Times, an independent Amsterdam-based news outlet; Latifundist.сom, a Ukrainian agribusiness media portal

Details: Export volumes are expected to be the lowest since 2017, effectively falling back to levels seen a decade ago, as forecast by analysts at SovEcon, an outlet covering agricultural markets in Russia.

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Up to 25% of Russia's total grain and sunflower oil exports are now under threat. This is the share shipped through shallow-water ports beyond the Kerch Strait. These ports handle trade with countries in the Middle East and with Türkiye, Russia's largest grain customer, which buys almost a fifth of its exports.