Wheat futures climbed 3% after an attack on a major Russian grain export port ignited a fire, escalating concerns over potential disruptions to Black Sea grain shipments.

The port of Novorossiysk, a crucial hub for Russian oil, grain, and a naval base, was hit by a large-scale drone strike, resulting in a blaze. Satellite data from NASA's Fire Information for Resource Management System detected thermal anomalies in the port area, signaling the likely presence of a fire.

Chicago wheat futures for the most-active contract surged as much as 3.1%, marking their biggest one-day gain in a week. Prices for soybeans and corn also moved higher. The recent escalation in mutual attacks between Ukraine and Russia has heightened the transport risks for exports from this globally vital agricultural region.

Ukraine is exploring the option of rerouting some grain shipments via rail through Moldova as a safer alternative. Richard Buttenshaw, Executive Director of Marex's grain and oilseeds division, commented, "If the Novorossiysk port is shut down for a period, Russian wheat exports would effectively grind to a near halt, and importers would have to start scouring for alternative sources." He added that if the port remains closed, wheat prices could rebound toward recent highs.