News Capsule: Ukraine Resumes Black Sea Vessel Strikes After Month-Long Pause
★ After a month-long pause, attacks on merchant vessels linked to Russian Black Sea trade have resumed, raising concerns over shipping and grain export risks.
★ The attacks have also spread to Ukraine’s alternative export routes, including the Izmail port and nearby waters. Two merchant vessels were reportedly hit by drones in Bulgaria’s Exclusive Economic Zone on October 6.
★ The renewed tensions are beginning to support wheat prices. December MATIF wheat recovered from around €233/mt in late September to nearly €248/mt by October 6, gaining more than 6% over the week.
★ Combined wheat exports from Russia and Ukraine fell sharply to 8.0 million tonnes during July-September, compared with 16.2 million tonnes a year earlier.
★ Continued attacks and shipping risks could keep Black Sea grain exports below normal. This may provide support to global wheat prices as supply and logistics risks increase.
