Russian grain ports are overflowing after two big harvests. That means any military escalation in the crucial Black Sea risks depriving the world of huge amounts of crops it’s counting on.
Port capacity is being stretched as the wheat giant struggles to clear the volumes despite massive exports. Russia shipped 4.4 million tons of wheat in July, a record for the month and almost 60% above average, according to consultant SovEcon.
Top wheat shipper Russia, which last month exited a deal allowing Ukraine to export from Black Sea ports, moves most of its grain through the waterway. The country started the export season with the largest wheat stockpile in three decades, according to the US government. The big supplies have helped make Russian wheat among the world’s cheapest.
“You have rail traffic jams and delays around seaports and it snowballs,” SovEcon Managing Director Andrey Sizov said. “Everything is used almost.”
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