
The UN chief sent Russia new proposals to revive the Black Sea grain deal, which the UN and Turkey brokered in July 2022. Moscow said it was not satisfied with the proposals.
The deal collapsed after Russia withdrew in July 2023.
Without a revived deal, Ukrainian grain exports remain constrained, which supports wheat and corn prices through higher risk premiums and freight costs.
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.
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.
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.