Wheat prices climb after attacks on Russia's port of Taman

Chicago wheat prices rose on Thursday after reports that Ukrainian drones had attacked the port of Taman in Russia's southern Krasnodar region, causing significant damage to a major grain export terminal.

Corn traded near even, also gaining support from the hostilities but pressured by forecasts of crop-friendly weather in the U.S. Midwest, while soybeans climbed after sliding to their lowest in almost three weeks in earlier trade.

Russia pounded Ukraine with dozens of missiles and hundreds of drones in overnight attacks on Thursday. The capital Kyiv and the western region of Lviv on Ukraine's border with Poland were the main focus of the attack, the Ukrainian air force said.

Ukrainian drones attacked a grain export terminal at Russia's Taman port, on the Kerch Strait linking the Black Sea and the Sea of Azov, inflicting "significant damage," an agricultural market source told Reuters.

The terminal is controlled by Demetra, one of Russia's largest agricultural firms, and has a capacity of 5 million metric tons. Demetra declined to comment.

Drones also attacked a sunflower oil export facility at the port of Taman, sources said. However, one source said the damage was not significant.

"Russia's ability to ship via the Sea of Azov remains effectively cut off, forcing them to redirect to their Black Sea ports," said Arlan Suderman, chief commodities economist at StoneX in a note.