Russia's Taman Port Attack Sends Wheat Prices Soaring
On Thursday, Chicago wheat prices rose after reports of an attack on Russia's Taman port by 'Ukrainian drones' caused significant damage to a key grain export terminal. The terminal, operated by Demetra, has a 5 million-ton capacity and is one of Russia's biggest agricultural companies. However, sources stated that the damage was not substantial at another export facility for sunflower oil.
The attack, which also targeted an export facility for sunflower oil, forced Russia to redirect their Black Sea port shipments. Arlan Suderman noted in a recent report that 'Russia's ability to ship via the Sea of Azov is effectively cut off.' The wheat market has seen the greatest strength as a result of this round of escalation.
The most active wheat contract at the Chicago Board of Trade rose 8-1/2 cents to $6.69-1/4 per bushel by 12:00 pm CDT (1700 GMT) on Thursday, while corn fell by 1/2 cent to $4.71-1/4 per bushel.