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Russia exported 62 million tons of grain by sea in the 2023/24 season, with 90% going through Black Sea ports, mainly to Middle East and North Africa markets. Russia is expanding Baltic Sea infrastructure to reach new markets.
Shifting export routes toward the Baltic could reduce the Black Sea risk premium over time, which would modestly weigh on wheat prices if logistics improve.
reuters.comOlga Popova, Gleb StolyarovSep 26, 2024After 163 past neutral logistics events, WHEAT moved a median +0.1% over 5 sessions (53% higher; middle half -1.3% to +1.1%), 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.
