Russia's attacks on Ukraine's Danube ports drive up wheat prices
The price of wheat rose after Russia attacked Ukraine's Danube ports, according to the American news agency Bloomberg. At the Chicago Board of Trade, prices were up 1.3% on Wednesday after falling 6% in the previous three sessions.
Grain silos and storage facilities were damaged in Russian drone strikes overnight on one of Ukraine's Danube ports, Odessa region governor Oleh Kiper said, according to Reuters. The source said that Russian forces had launched several drones in the Odessa region this week, with the main targets being the ports and infrastructure in the south of the region.
About a quarter of Ukraine's grain exports were shipped through the Danube ports before Russia withdrew from a deal mediated by the United Nations and Turkey last month.
The price of wheat is still 20% lower this year, after bumper harvests in the Northern Hemisphere. On Friday, the United States Department of Agriculture improved its estimates for Russia's wheat shipments in the 2023-2024 season and revised its forecasts for US wheat stocks.
