
Ukraine's grain exports are approaching pre-war levels, with Q1 2024 inbound grain vessel capacity up 78% year on year and only 4.7% below Q1 2021. Shipments now flow through Odesa, Chornomorsk, Yuzhnyi and the Danube after Mykolaiv and Kherson were blocked.
Recovered Ukrainian shipping capacity adds supply to global wheat and corn markets and eases the risk premium left by the collapse of the Black Sea corridor.
After 137 past bearish logistics events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.0%), and +0.0% over 20.
After 359 past bearish logistics events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -1.5% to +1.5%), and -0.5% 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.