Wheat prices are experiencing significant volatility as Russia and Ukraine have recently intensified their offensive operations in the Black Sea region.

According to foreign media reports, including Reuters and AFP, on July 20 (local time), 28 civilians have been killed in the Odesa region of Ukraine due to Russian attacks this month.

Russian attacks on the Odesa region have been occurring almost daily throughout this month.

Local authorities explain that the frequency of Russian offensives has increased to the point where air raid sirens are triggered 13 to 15 times per day.

The previous day, a Turkish-owned cargo ship departing from near Odesa carrying corn was struck by a Russian missile, resulting in the deaths of 10 crew members.

The Ukrainian Navy reported that one of three cruise missiles launched by Russia hit the upper part of the vessel, causing a fire.

Odesa serves as a primary hub for Ukraine's grain exports.

Russia has consistently targeted this region to disrupt Ukraine's grain shipments.

Data indicates that persistent Russian attacks have caused Odesa's grain export capacity to plummet to two-thirds of its previous level.

Ukraine is also struggling to block energy supply routes to the Crimean Peninsula and other areas by striking Russia's shadow fleet, which traverses the Black Sea to evade international sanctions.

This strategy is interpreted as an attempt to heighten energy supply instability by attacking rear-area energy facilities and completely cutting off supply lines.

Ukrainian President Volodymyr Zelenskyy stated on social media that day, "We have attacked two tankers and four cargo ships belonging to Russia's shadow fleet in the Black Sea."

Oil storage facilities located 400 km from the border have also been targeted.

While Ukraine's attacks on Russian vessels are intended to disrupt energy supplies, they are also placing pressure on Russia's own wheat exports through the Black Sea region.

Russia and Ukraine are the world's first and fifth-largest wheat exporters, respectively.

As of this day, wheat futures prices on the Chicago Mercantile Exchange are trading at their highest levels in approximately two years.

Reuters analyzed that "disruptions to grain transport in the Black Sea region are driving up wheat prices."

Alongside the conflict in the Black Sea, a fierce exchange of fire targeting urban centers in the rear is also continuing.

The previous day, Russia launched its largest-scale ballistic missile attack since the start of the war against Kyiv and Kharkiv, killing at least 5 people.

According to Russian regional authorities, Ukraine launched more than 400 drones targeting Moscow that day, but most were intercepted.

Discussions on ending the war between Russia and Ukraine have been effectively halted since February of this year due to the situation in the Middle East.

Armed clashes between the two sides have escalated since the controversy surrounding the ceasefire period during Russia's Victory Day in May of this year, and the intensity has only grown over time.

(Photo: AP, Yonhap News)