Black Sea may hold back world wheat supplies into 2026

Black Sea commerce has been under threat since Russia’s 2022 invasion of Ukraine, hampering mostly Ukrainian exports and ultimately production. — Reuters

THE global wheat market narrative has recently shifted, though it’s easy to have missed it.

Exportable world wheat supplies in 2024-2025 are no longer expected to fall to multiyear lows, a perhaps predictable outcome based on recent patterns.