Wheat Hits Five-Month High After Russia Attacks Ukraine Port
- Reni port operating at full capacity, local official confirm
- Rivers have become last major route for Ukraine grain exports
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Wheat futures pared gains on reports Russia failed to severely damage a key port that is allowing Ukraine to export grains by river into neighboring countries.
Russian drones attacked the port of Reni in the night leading to Monday, driving up grain prices on fears Ukraine would not be able to get crops to buyers. But Reni was operating at maximum capacity Tuesday, with seven ships due to enter, according to Romanian official Gabriel Covrig, who is responsible for ship piloting in the area.