Ukrainian Drone Strike on Novorossiysk Port Drives Wheat Prices to Four-Month High

Wheat prices in global markets have surged following a Ukrainian drone strike that targeted civilian facilities at Novorossiysk port, a crucial grain shipping hub on the Black Sea.

As of 13:25 Moscow time, March futures contracts for wheat increased by 0.36%, reaching their highest point since early July. This rise reflects ongoing geopolitical tensions and their impact on maritime shipping routes.

Recent trading data compiled by Bloomberg indicates a clear upward trajectory in wheat prices since the attack.

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

As one of Russia's primary grain export centers, any disruption at Novorossiysk port poses significant risks to global food markets.