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Ukraine drone strikes halt Russian grain terminals at Novorossiysk
Grain shipments from the port are currently impossible after damaged loading and unloading infrastructure, while wheat futures in Chicago rose as much as 4.0% on Wednesday.
Russia says several major grain terminals in the Black Sea port of Novorossiysk have stopped operating after drone strikes by Ukraine damaged terminal infrastructure. According to people familiar with the matter cited by SCMP Economy, grain shipments from Novorossiysk are currently impossible because a loading gallery collapsed at United Grain’s Novorossiysk Grain Plant, and several silos were damaged, with additional damage reported at Demetra’s terminal, including a gallery and a truck unloading facility, and at the KSK terminal.
The strikes come as Russia and Ukraine have increased attacks on Black Sea commercial ships and ports, raising concerns about supplies during the middle of the harvest season. SCMP Economy reports that Russia and Ukraine together account for more than a quarter of global wheat exports.
Russia also argued that Ukrainian attacks on grain and agricultural infrastructure are pushing up global food prices and worsening grain shortages. SCMP Economy further notes that wheat futures jumped as much as 4.0% in Chicago on Wednesday, marking the biggest intraday advance in three weeks, following the disruption to Novorossiysk grain handling.
In a statement highlighted by SCMP Economy, Russian officials framed the attacks as part of a campaign to incite chaos in the global food market, with foreign ministry spokeswoman Maria Zakharova saying it serves the interests of certain Western nations.
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