
Freight movements through Russia’s southern ports have nearly stalled amid worsening security risks, with some terminals reporting September transshipment declines of 95–100%. Grain and agricultural cargo transshipment in July–August fell by more than half year on year, from 7.9 million to 3.8 million tonnes, while port operators seek state support and greater war-risk insurance.
Reduced southern port capacity and cargo diversion constrain Russian grain export flows, potentially tightening Black Sea availability and supporting export prices. The extent of price impact depends on how much cargo can shift to other routes.
After 283 past bullish logistics events, Wheat (SRW) moved a median -0.2% over 5 sessions (46% higher; middle half -1.4% to +1.3%), and -0.1% over 20.
After 285 past bullish logistics events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +1.5%), and +0.8% 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.