Wheat buyers brace for higher costs as Russia-Ukraine war drags on

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1. 1h ago

   Wheat Buyers Face Rising Costs Amid Black Sea Blockade

   Global wheat buyers are preparing for higher costs as the Russia-Ukraine war continues to disrupt Black Sea shipping. While Chicago wheat futures recently fell on hopes for a ceasefire, the European Union and DR Congo have called for the protection of Ukrainian food exports and energy infrastructure. To bypass blockades, Russia is adapting fertilizer equipment at its Arctic port of Murmansk to ship grain, while Ukraine is exploring the use of Baltic ports for its exports. These logistical shifts aim to mitigate a potential global food supply shock.

   Why it matters

   Russia and Ukraine are primary global grain exporters. Continued conflict in the Black Sea threatens food security for numerous countries, leading to international diplomatic pressure for a ceasefire.

   What is confirmed

   • The European Union has urged Russia to stop attacks on Ukrainian food exports.
   • Representatives from 51 countries signed a declaration calling for an immediate ceasefire by Russia.
   • Chicago wheat futures experienced a decline based on hopes for a Black Sea ceasefire.

   Still unconfirmed

   • Attacks on Russian refineries could increase flour prices in Guyana.
   • The Black Sea blockade threatens a global food supply shock.

   What to watch next

   • Confirmation of Ukrainian grain shipments through Baltic ports
   • Status of the ceasefire request signed by 51 nations
   • Actual volume of grain exports moving through Murmansk
   Sources used for this update (12)

   1. Bloomberg.com — The Other Hormuz: Black Sea Blockade Threatens a Food Supply Shock
   2. Guyana Chronicle — Russian refinery attacks could push up Guyana’s flour prices
   3. EEAS — Session on Global Food Security and the Black Sea – UNGA in New York
   4. carnegieendowment.org — A Black Sea Truce Is About Global Food Security, Too
   5. Reuters — Wheat buyers brace for higher costs as Russia-Ukraine war drags on
   6. gCaptain — Russia’s Arctic Port Murmansk to Use Fertilizer Equipment to Start Shipping Grain
   7. Yahoo — "Grain from Ukraine feeds people all over the world": EU urges Russia to stop attacks on Ukrainian food exports
   8. Межа. Новини України. — Representatives of 51 Countries Sign Declaration Urging Russia to Accept an Immediate Ceasefire
   9. Межа. Новини України. — DR Congo Calls for Safe Black Sea Shipping and Protection of Ukraine’s Energy Infrastructure
   10. maritimeprofessional.com — Ukraine Explores Using Baltic Ports for Grain Exports
   11. Investing.com — Chicago wheat futures fall on hopes for Black Sea ceasefire
   12. Barchart.com — Wheat Falls Back on Tuesday
   confidence 85%