Trading in agricultural commodities shifted Tuesday as a military operation in Northwest Russia raised concerns over the stability of global cereal shipments. Chicago wheat futures rose as much as 1.6% and the most-active contract in Singapore traded 1.1% higher at $5.995 per bushel following a Ukrainian drone attack on the port of Ust-Luga, which sparked fires at the shipping hub’s oil and logging terminals.
The Baltic port has become a primary center for Russia’s agricultural exports as attacks in the Black Sea have hampered shipments from traditional ports. In October, Ust-Luga handled 684,000 tons of grain, representing more than 25% of the country’s total monthly grain exports.
Governor Alexander Drozdenko reported that three workers were injured in the strike and that 150 drones were intercepted across the Leningrad region. NASA satellite data confirmed the presence of multiple hotspots at the facility, with eyewitnesses reporting the glow of the fires was visible from Estonia.
