Wheat futures are climbing after Ukraine's Black Sea ports came under renewed Russian fire, with three dry-cargo ships struck in recent days.
The attacks threaten grain exports from one of the world's most important agricultural regions, heightening concerns among UN officials that supply disruptions could reignite global food inflation.
Bloomberg reports:
A ship was damaged at Pivdennyi port and two more were hit near Odesa, according to a Defense Ministry post on Telegram. Earlier Thursday, Ukraine attacked the Russian Black Sea port of Taman, a key gateway for grain shipments, while Russia hit vessels in and around Ukraine's Black Sea ports.
UN Under-Secretary-General for Political Affairs Kayoko Goto told the UN Security Council that a new wave of Russian strikes on Black Sea ports and merchant vessels poses a serious threat to global food supplies.
According to Goto, the ports of Odesa, Chornomorsk, Pivdennyi, Izmail, and Mykolaiv have been systematically targeted. She added that more than six attacks on civilian vessels have been recorded this month, injuring 44 sailors.
Goto also noted that wheat prices have risen by 20%, reaching their highest level since March 2024.
Earlier this week, UN Under-Secretary-General for Political Affairs Kayoko Goto warned the UN Security Council that the Russian strikes on Black Sea ports and merchant vessels pose a serious risk to global food supplies.
"The consequences of this latest escalation are already visible in global agricultural markets," Goto explained.
She warned, "Further disruptions in the Black Sea and the Sea of Azov, as well as in other critical areas, could drive up freight, insurance, food and energy costs, with grave consequences for vulnerable and import-dependent developing countries."
Wheat futures rose as much as 3.9% on Thursday.
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