It's more than 4% in the U.S., chart below story.
From National Security Journal, July 15:
Ukraine’s nine-day, 116-vessel campaign has pushed Euronext wheat prices up 4% as the world’s top wheat exporter reroutes grain off the Azov. A Russian source says burning grain ships sit ‘like targets before a firing squad’ — puncturing Putin’s claim that the Azov was Russia’s uncontested ‘internal sea.’
Ukraine has claimed that in the past nine days its drone attacks have hit 116 Russian ships in the so-called “ghost fleet,” according to the General Staff in the Sea of Azov.
These massive drone swarms have been the primary weapon during the ongoing wave of attacks against Crimea as Ukraine tries to expose Russia’s president, Vladimir Putin, as unable to defend the peninsula, which Russia illegally annexed in 2014.
The Ukrainian attacks have targeted gas and oil refineries, military logistics convoys, power stations, as well as roads and railways leading into Crimea.
The attacks have caused massive gas shortages, resulting in long lines at gas stations, rationing, and power outages on the peninsula.
Ukraine’s increased attacks on Russian energy facilities in recent months are part of Ukrainian President Zelenskyy’s 40-day influence operation to “systematically disrupt the enemy’s logistics chain” and pressure Moscow to end the war.
Russia’s “Shadow Fleet” In The Sea Of Azov Has Been Hit Hard
Ukraine launched further attacks to damage Russia’s so-called “shadow fleet” and to limit Russia’s fuel supplies to Moscow’s illegally occupied Crimea.Ukraine claims that forces have struck 116 vessels over the past nine days in the Sea of Azov in operations targeting Russian shipping.
The Sea of Azov is small, so most of the tankers and cargo ships that operate there are smaller. However, it doesn’t detract from the damage they are inflicting on Russian supply efforts.
Because of the damage Ukraine’s strikes are causing to Russia’s gas and oil refineries, they have been forced to move more oil and gas than normal across the Azov in an attempt to resupply their needs.
On Saturday, Ukraine said 21 Russian oil tankers were struck in the Sea of Azov in one of the largest Ukrainian drone strikes on Russian shipping since the start of the war.
Latest Drone Attack Targeted 11 Ships
In the most recent attack, Ukrainian drones hit five tankers, five bulk carriers and one tugboat, according to Major Robert “Magyar” Brovdi, the head of a Ukrainian Unmanned Systems Forces, a Special Operations Forces unit, known as “Magyar’s Birds.”....
....MUCH MORE
Chicago futures are up 33'6 (5.23%) on the day.
caution: note potential double-top
If interested see also:
July 10 -Wheat and Soybean Futures Pop On USDA Production and WASDE Reports
Soybeans have given back much of the initial jump, wheat maintains.
July 10 -Agriculture: "USDA Reports Summary"
July 12 - The World Runs On Diesel and Diesel Is Running out
With Russian shipping and refining capacity getting whacked we're seeing crack spreads greater than the price of crude itself.
