Black Sea Fighting Drives Up Global Wheat Prices

Russia and Ukraine launched missile and drone attacks on vessels in the Black Sea and Sea of Azov on Thursday. The intensification of fighting in this region, which is crucial for grain exports, has driven up global wheat prices.

The Ukrainian military said it had struck six Russian tankers and two tugboats. The Russian ministry of defense reported an attack on a naval vessel and a speedboat belonging to the Ukrainian Armed Forces that were heading toward ports in the Odesa region, and said it had also struck other military and industrial targets.

Ukraine continues to attack Russian energy infrastructure, including refineries and tankers, while Russia has intensified its strikes on the deep-water ports around Odesa that are crucial for grain exports and the functioning of the Ukrainian economy.

According to Reuters sources, Russian shipping routes in the Sea of Azov remained restricted. Ukrainian Railways said the port of Chornomorsk had significantly reduced its grain intake, and that less grain had been shipped to Black Sea ports since the start of July than in the previous month.

European wheat prices rose 7% on Wednesday to their highest level since February 2025. The Ukrainian farmers' union estimates that the country has lost about a third of its grain export capacity through Black Sea ports because of intensified Russian attacks. Ukrainian Foreign Minister Andrii Sybiha called for the restoration of freedom of navigation in the Black Sea.

(Reuters, bak)