World wheat hits a two-year high—Russia’s farmers are the only ones not earning from it

Ukraine’s Azov campaign has created a paradox: the world pays more for wheat because Russia cannot ship it, and the windfall flows to Russia’s competitors. Global wheat prices have hit a two-year high, yet Russian farmers are not benefiting because Russia’s exports are blocked. This means that Ukraine’s military actions in the Azov Sea region indirectly boost the revenues of other wheat-exporting countries, while Russian farmers suffer losses.