Black Sea gridlock, a building El Niño and the US-China soybean gamble

Key takeaways • Ukrainian and Russian seaports handle 30% of global wheat exports, and deep-sea loadings at Odesa, Chornomorsk and Pivdennyi remain frozen after targeted strikes and elevated war risk. • Russia’s Taman terminal was attacked on 30 July, and Kavkaz has recorded no shipments since 16 July, leaving Novorossiysk and Tuapse to account for ...

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