Despite the news from Ukraine about missile strikes on the grain export ports. We have to take into consideration the top 5 exporters of wheat in the world.
1. Russia 2. United States 3. Australia 4. Canada 5. Ukraine
This indicates that there is still competition for the top exporters. It will be in Russia's best interest to sell as much wheat at the lowest price to other countries. This would allow a bigger control of the market, despite "ethically" sourcing.
Worth noting that just went through a double top scenario and in a "testing" phase. A price drop is expected.
Lastly, for what it's worth, harvesting season is about to start in September, sending more grain to the market, while further driving the price down.