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Wheat extended a surge to the highest level in five months after Russia attacked a port on the Danube river in Ukraine.
A drone attack on Monday hit the Danube port of Reni, destroying a grain hangar. That’s about a week after Moscow ended a deal that allowed Ukraine to ship its crops across the Black Sea, and subsequently attacked Odesa ports.
Wheat futures climbed as much as 2.6% in Chicago to $7.7725 a bushel, the highest since Feb. 21. Futures jumped by the exchange limit the previous day. Corn for December delivery rose as much as 0.7%.
Reni is one of Ukraine’s biggest river ports for grain and is located on the Danube at the border with Romania. Local traders had been expanding capacity there in response to Russia’s sea blockade.