(Bloomberg) – Massive drone attacks were reported in southern Ukraine and over Russian-occupied Crimea hours after President Vladimir Putin vowed to strike Ukraine in retaliation for explosions that forced it to suspend road and rail traffic on the landmark Kerch Strait bridge that connects Russia to Crimea.
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Uncertainty over global food prices grew after Russia terminated the Black Sea grains deal, closing a crucial export route for Ukraine, one of the main global suppliers of wheat and vegetable oils. The greater risk lies in the longer term, as fractured and costly logistics could prompt Ukrainian farmers to further reduce their harvests.
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Wheat futures prices stabilized in Chicago. Wheat for September delivery fell 1.8% earlier on Tuesday after closing down 1.2% on Monday. Corn and soy increased.
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