Commodities
Ukrainian Drone Strikes Disrupt Russian Grain Exports
Russia's Novorossiysk grain terminals have suspended operations due to overnight Ukrainian drone strikes, causing significant disruptions to global wheat exports.
The attacks damaged two major grain terminals: Demetra-owned terminal with an export capacity of 8.5 million metric tons per year and NKHP with an export capacity of 7.1 million metric tons per year.
Russia is the world's largest wheat exporter, and most of its exports are shipped via its Black Sea ports like Novorossiysk.
The Russian grain lobby had warned last month that Ukrainian drone attacks could shut down grain exports via the Black Sea in the near future, pushing up prices and causing hunger in Africa and the Middle East.