Wheat prices surge as drone strikes close Russian Black Sea port

Wheat prices have experienced a significant overnight surge driven by geopolitical instability in the Black Sea region. Ukrainian drone strikes have led to the closure of Russia’s Novorossiysk port, a critical deep-water facility housing two major grain terminals. NASA satellite imagery has confirmed fires following the massive drone attack.

In Australia, feed grain markets are showing regional divergence. While southern prices for feed wheat and barley remain relatively steady following the harvest, prices in the north, specifically around the Darling Downs, have rallied back above $400/t. This movement follows soil moisture deficiencies in northern New South Wales and southeast Queensland.

Global agricultural outlooks remain volatile as markets await USDA production updates. In Brazil, Conab is expected to revise production estimates, while weather patterns continue to impact growing regions in the United States and Europe.