Drone Attacks Send Wheat Futures Soaring Amid Black Sea Shipping Chaos
Ukraine and Russia's drone attacks have sent shockwaves through the global wheat market, lifting Chicago futures on Monday. The conflict has severely impacted Black Sea grain shipments, prompting Russian companies to convert cargo terminals at Baltic and Arctic ports to handle exports. This move is a response to Ukraine's recent drone attack that disrupted shipping in the region.
On Sunday, Ukraine conducted its largest reported drone attack on the Moscow region, killing three people and damaging an oil refinery. In retaliation, Russia launched an overnight attack on the Kyiv region, resulting in four fatalities.
Russia has been coordinating with Turkey to ensure shipping safety in the Black Sea, as reported by Interfax news agency. To mitigate the impact of export disruptions, Russia eliminated its export duties on grain through the end of 2026, according to state news agency RIA.