Russian reports of attacks on Novorossiysk port, Russia send wheat prices soaring – Bloomberg
The Russian Defence Ministry's report of an attack on the Russian Novorossiysk naval base has promptly pushed up wheat prices, which had fallen to their two-month minimum earlier, given that Russia is currently supplying record volumes of wheat to global markets, increasing supplies.
Source: Bloomberg
Quote: "Russia’s defense ministry reported an attempted attack on the Novorossiysk naval base overnight by two naval drones, both of which were destroyed. Wheat futures rose after the Novorossiysk port was closed to marine traffic by Russian authorities following a drone attack."
Details: Bloomberg says wheat prices fell by almost 10% this weekand on Thursday, 3 August, were the lowest in nearly two months.
Meanwhile, Russia is currently supplying record volumes of wheat to global markets, increasing its supplies.
The agency also notes that wheat futures have become increasingly volatile after Russia attacked Ukrainian sea and river ports immediately after withdrawing from an agreement authorising the supply of Ukrainian crops through the Black Sea.
The explosions in the port of Novorossiysk were also mentioned on Radio Liberty by Nataliia Humeniuk, Head of the Joint press centre of the Defence Forces of Ukraine's South, who believes that it might have been a Russian provocation.
"We must understand that the entire presented scenario fits into the framework of provocations promised at sea on behalf of the Russian side to accuse Ukraine of being a country that cannot ensure maritime security and is unreliable in navigation in the Black Sea," Humeniuk said.
We must remember that this is a hybrid war. And information pretexts may be created by Russia, often playing the victim role," she added.
Background: On the night of 3-4 August, explosions rocked the Russian city of Novorossiysk, with the Russian Defence Ministry reporting an attack by two USVs.
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