# The Black Sea Grain Initiative: What was achieved? Why was it important? | United Nations

> The UN reviews the Black Sea Grain Initiative, which enabled the export of nearly 33 million metric tons of Ukrainian grain and foodstuffs to 45 countries. Russia declined to renew the deal after 18 July 2023 and withdrew navigation security guarantees in the northwest Black Sea.

- Date: 2023-11-14 · published 2023-11-14T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/14347-the-black-sea-grain-initiative-what-was-achieved-why-was-it-important-united
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

The end of the initiative removed a safe export channel and raised shipping risk, supporting wheat and corn prices. Higher insurance and freight costs feed through to importers of feed grains.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-08-07 | [End of the Black Sea Grain Initiative: Implications for sub-Saharan Africa \| IFPRI](https://feedsoft.ai/events/14373-end-of-the-black-sea-grain-initiative-implications-for-sub-saharan-africa-ifpri.md) | +0.5% | -6.9% |
| WHEAT | 2023-02-27 | [Ukraine seeks changes to the Black Sea Grain Initiative](https://feedsoft.ai/events/14418-ukraine-seeks-changes-to-the-black-sea-grain-initiative.md) | -2.4% | -7.4% |
| WHEAT | 2023-07-01 | [Operational update from the Office of the UN Coordinator for the Black sea Grain Initiative, 15 JULY 2023 \| The United Nations Office at Geneva](https://feedsoft.ai/events/14380-operational-update-from-the-office-of-the-un-coordinator-for-the-black-sea.md) | -9.9% | -6.9% |
| WHEAT | 2023-08-01 | [Update from the Office of the UN Coordinator for the Black Sea Grain Initiative](https://feedsoft.ai/events/14376-update-from-the-office-of-the-un-coordinator-for-the-black-sea-grain-initiative.md) | +0.4% | -7.2% |
| WHEAT | 2023-07-27 | [Dry Bulk Market: Russia’s Exit from the UN Black Sea Grain Initiative Will Have an Impact on Market - Nautical Voice](https://feedsoft.ai/events/35235-dry-bulk-market-russia-s-exit-from-the-un-black-sea-grain-initiative-will-have.md) | +0.0% | -2.0% |
| CORN | 2023-02-27 | [Ukraine seeks changes to the Black Sea Grain Initiative](https://feedsoft.ai/events/14418-ukraine-seeks-changes-to-the-black-sea-grain-initiative.md) | -1.3% | -1.8% |
| CORN | 2023-07-01 | [Operational update from the Office of the UN Coordinator for the Black sea Grain Initiative, 15 JULY 2023 \| The United Nations Office at Geneva](https://feedsoft.ai/events/14380-operational-update-from-the-office-of-the-un-coordinator-for-the-black-sea.md) | +1.4% | -5.6% |
| CORN | 2023-08-01 | [Update from the Office of the UN Coordinator for the Black Sea Grain Initiative](https://feedsoft.ai/events/14376-update-from-the-office-of-the-un-coordinator-for-the-black-sea-grain-initiative.md) | -2.3% | -2.8% |

## Sources

- un.org: https://www.un.org/en/black-sea-grain-initiative/achievements

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.