Ukraine Strikes Hit Black Sea Grain Exports, Wheat Prices Flat

Chicago wheat futures were largely flat on Thursday after Ukraine attacked grain terminals at a major Russian port, raising concerns about disruption to Black Sea grain exports.

The attack forced two major grain terminals in Russia's Novorossiysk port city to halt operations, and Russia retaliated by hitting Ukraine's Izmail port area, causing damage and fire. Weeks of attacks have reduced shipments by both nations, leaving them scrambling to redirect exports to alternative routes.

Despite the disruptions, wheat prices have risen nearly 30% so far this year due to drought that damaged US winter wheat and ongoing conflicts in major global suppliers Ukraine and Russia.