Cheap EU Black Sea Wheat Starts to Undercut Russian Competition

Wheat from European Union nations bordering the Black Sea is trading cheaper than rival origins like Russia, raising its relative attractiveness for buyers.

Russia — the world’s top wheat exporter — has tried to maintain an unofficial price floor while tightening its hold on the world’s wheat supplies following its invasion of Ukraine, but bumper stocks elsewhere have lowered costs. As a result, countries that previously bought wheat mainly from Russia are starting to turn to cheaper competitors.