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Russian Invasion Smothers Supplies From World’s Breadbasket

  • Russia and Ukraine account for a quarter of global grain trade
  • There are little or no new Russian grains deals, traders say
     

     

Photographer: Vincent Mundy/Bloomberg
Updated on

After years of growing increasingly reliant on cheap and abundant wheat supplies from Russia and Ukraine, the world’s grains buyers are being forced to hunt elsewhere as flows from both countries dry up.

Ukraine’s ports are closed, and while some grain is still leaving Russia for now, traders and shipping representatives said there were little or no new deals being signed because of the uncertainty around the conflict, potential new sanctions and surging costs for freight and insurance. Top importer Egypt held a wheat tender Monday but canceled it after only getting high-priced offers for French and American supplies.