Ukraine Strikes Black Sea Port, Raising Fears of Global Wheat Shortages

Ukraine launched a massive drone attack on Russia's Black Sea port city of Novorossiysk, targeting grain terminals and disrupting global wheat supplies. The attack has raised fears that Ukraine's conflict with Russia could lead to shortages in Africa and the Middle East.

The strike damaged four unspecified enterprises, over two dozen residential buildings, and some educational facilities, according to Veniamin Kondratyev, the governor of Krasnodar region. Andrei Kravchenko, the mayor of Novorossiysk, declared an emergency situation due to the attack.

Chicago wheat futures rose around 3% on Wednesday following reports of the Novorossiysk attack. Shipments from Ukraine have drastically reduced due to Russian strikes on ships in the Black Sea.