Black Sea grain exports face new constraints: Danube water levels have hit record lows, curbing shipments via Romania, while intensified Russian strikes have disrupted exports from Odesa and other Ukrainian ports. Russia and Ukraine together account for more than a quarter of global wheat exports; escalating attacks on regional grain infrastructure and vessels are undermining export reliability and adding to supply risk. These disruptions coincide with an unusually strong El Nifio and Middle Eas

Black Sea grain exports face new constraints: Danube water levels have hit record lows, curbing shipments via Romania, while intensified Russian strikes have disrupted exports from Odesa and other Ukrainian ports. Russia and Ukraine together account for more than a quarter of global wheat exports; escalating attacks on regional grain infrastructure and vessels are undermining export reliability and adding to supply risk. These disruptions coincide with an unusually strong El Nifio and Middle East tensions that are lifting energy costs and disrupting trade routes. Paris and Chicago wheat and corn futures rose sharply last month.