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Russian wheat exports drove Black Sea dry bulk exports up 13% year on year from January to October 2023. Russia's wheat exports are on track for a record in 2023, while Ukrainian cargo losses keep Black Sea volumes about 20% below 2021.
A record Russian wheat export pace adds supply to Africa and Middle East markets, which is bearish for world wheat prices. Continued war risk and the loss of the grain initiative keep shipping costs elevated.
shippingtelegraph.comShipping TelegraphNov 2, 2023After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
