Wheat futures rose after the Novorossiysk port was closed to marine traffic by Russian authorities following a drone attack.
Prices climbed as much as 2.6% in Asian trading, trimming a weekly loss. The Caspian Pipeline Consortium announced the halt, adding oil loadings on moored tankers are continuing and there had been no damage to CPC infrastructure. The port is also utilized for grain, fertilizer and coal.
Russia’s defense ministry reported an attempted attack on the Novorossiysk naval base overnight by two naval drones, both of which were destroyed.
Wheat futures have been increasingly volatile after Russia attacked Ukrainian sea and river ports following its withdrawal from the agreement to allow Ukrainian crop shipments through the Black Sea on July 17.
Russia has also been shipping record amounts of wheat to global markets, adding to ample supplies. Even with Friday’s gains, wheat prices are down almost 10% this week and closed Thursday at the lowest in almost two months.
