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Turkish President Erdogan proposed Black Sea shipping arrangements, which Putin said he would examine. The accompanying text recalls that the 2022 Black Sea Grain Initiative, mediated by Turkey and the UN, allowed nearly 33 million metric tons of Ukrainian grain to be exported.
Any revived Black Sea shipping deal could restore safe export routes and ease freight risk, which would be bearish for grain prices.
reuters.comGuy Faulconbridge, Anton KolodyazhnyyOct 25, 2024After 80 past bearish geopolitics events, Wheat (SRW) moved a median -0.4% over 5 sessions (44% higher; middle half -1.4% to +1.9%), and -0.5% over 20.
After 87 past bearish geopolitics events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +2.1%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
