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Russian companies have resumed grain exports to Iran via the Caspian Sea after a pause caused by the US-Israeli war on Iran and the closure of the Strait of Hormuz. Black Sea exports to Iran remain stalled, and falling Caspian water levels are affecting trade.
Iran is Russia's third-largest grain buyer.
Rerouting Russian grain to Iran via the Caspian supports Russian wheat export demand, but stalled Black Sea shipments and water-level constraints limit volumes, leaving the price effect modest.
reuters.comOlga PopovaMar 10, 2026After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
