Key Russian port halts grain exports after Ukrainian attack
Russia and Ukraine, which account for more than a quarter of global wheat exports, have stepped up attacks on Black Sea commercial ships and ports, raising concerns about supply.
Three key grain terminals in Russia's Black Sea port of Novorossiysk have come to a halt following a significant drone strike by Ukraine. The damage to the terminals has rendered grain shipments impossible, according to sources familiar with the situation. At United Grain Co.'s Novorossiysk Grain Plant, a loading gallery collapsed under the assault, and several silos suffered damage.
Similarly, Demetra's terminal and the KSK terminal were also targeted, causing harm to a gallery and a truck unloading facility. The attacks on Black Sea commercial ships and ports have intensified, sparking worries about global supply chains. Russia and Ukraine together contribute more than a quarter of the world's wheat exports, and these strikes occur amid this year's harvest.
Consequently, wheat futures in Chicago surged by up to 4% on Wednesday, marking the largest single-day increase in three weeks.
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