Wheat Jumps After Russian Strike Boosts Black Sea Supply Fears

Wheat futures climbed as Ukraine said Russia fired two Kalibr cruise missiles from a submarine in the Black Sea at Odesa region port infrastructure, damaging equipment at a cargo terminal and increasing concerns over Black Sea grain supplies.

Wheat in Chicago rose 2.5% to $7.3825 a bushel by 3:26 p.m. Singapore time. Prices of the food staple are extremely sensitive to news of Russian attacks on Ukrainian ports because of the global importance of crop supplies from the Black Sea region. Russia pulled out of an agreement that allowed Ukraine to ship grain through the Black Sea on July 17, and has since attacked infrastructure at Odesa region ports, as well as on the Danube river.