The Black Sea Grain Initiative: What was achieved? Why was it important?

After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.

• Aug 7, 2023End of the Black Sea Grain Initiative: Implications for sub-Saharan Africa | IFPRI+0.5%
• Feb 27, 2023Ukraine seeks changes to the Black Sea Grain Initiative-2.4%
• Jul 1, 2023Operational update from the Office of the UN Coordinator for the Black sea Grain Initiative, 15 JULY 2023 | The United Nations Office at Geneva-9.9%
• Aug 1, 2023Update from the Office of the UN Coordinator for the Black Sea Grain Initiative+0.4%
• Jul 27, 2023Dry Bulk Market: Russia’s Exit from the UN Black Sea Grain Initiative Will Have an Impact on Market - Nautical Voice+0.0%

After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.

• Feb 27, 2023Ukraine seeks changes to the Black Sea Grain Initiative-1.3%
• Jul 1, 2023Operational update from the Office of the UN Coordinator for the Black sea Grain Initiative, 15 JULY 2023 | The United Nations Office at Geneva+1.4%
• Aug 1, 2023Update from the Office of the UN Coordinator for the Black Sea Grain Initiative-2.3%
• Jul 27, 2023Dry Bulk Market: Russia’s Exit from the UN Black Sea Grain Initiative Will Have an Impact on Market - Nautical Voice-13.2%
• Jan 23, 2026100 mln tons of grain transported via the Ukrainian Black sea corridor+1.6%

Not enough comparable past events yet for a historical read.