Ukrainian Drone Strike on Novorossiysk Port Causes Wheat Prices to Surge to Four-Month Highs

Global wheat prices have seen a notable increase after a Ukrainian drone strike targeted civilian facilities at the Novorossiysk port on the Black Sea, a key hub for Russian grain exports.

Wheat futures for March reached their highest level since early July, rising by 0.36% as of 1:25 PM Moscow time compared to the previous close, reflecting the current tensions and their impact on maritime trade.

Data from the past six months shows a clear upward trend in prices since the attack, as illustrated by Bloomberg's charts.

Authorities in the Krasnodar region confirmed via Telegram that the strike caused damage to several port facilities and that debris from a drone struck a civilian vessel, injuring three crew members who were subsequently hospitalized.

Novorossiysk is a vital center for Russian grain exports, meaning any security disturbances there can exert direct pressure on global food markets.