By Paulo Trevisani--Wheat for September delivery rose 1%, to $6.33 a bushel, on the Chicago Board of Trade on Friday, as tensions on the Black Sea rose after an Ukrainian drone attack on a Russian port. HIGHLIGHTSCostly Insurance: Grains markets were concerned that Russian exports could get pricier after a Ukrainian naval drone attack on the port of Novorossiysk last night. AgResource said in a report that insurers were looking at raising fees or exiting the Black Sea because of the escalating sea battles. "Ukraine's use of sea drones and Russia's use of airborne drones and mines...are quickly adding to the transit risk to Black Sea [grain] trade," the firm said. Russian Assurance: AgResource said in a report that Russian exporters are telling customers they will be able to manage future marine attacks.

Source: Wall Street Journal August 04, 2023 19:28 UTC