Wheat prices remain under pressure as Russian and Ukrainian strikes on Black Sea port infrastructure, vessels and related facilities disrupt shipments from a region that supplies a large share of global grain exports. Benchmark Chicago wheat futures have climbed more than 17% since the start of July to near three-year highs, while physical cargoes from Argentina, Australia and the United States have also become more expensive. Russia and Ukraine together account for roughly 30% of global wheat demand and about a quarter of world grain exports, having shipped nearly 100 million metric tons of grain in the year to June. Shipping firms are increasingly avoiding the region as military strikes make insurance harder to obtain, and alternative Ukrainian routes face low Danube water levels, Eastern European rail maintenance and other constraints. Broader logistics stress, including obstruction of the Strait of Hormuz and low water on Germany’s Rhine, is lifting fertilizer and other farm input costs. Analysts warn that tight farm cash flow, structural fertilizer price increases and extreme weather—including European heat, U.S. crop stress and a developing El Niño—may curb winter planting and jeopardize next year’s supply, compounding global food-security risks for major importers.