Loading…
The UN Secretary-General condemned Russian attacks on port facilities in Odesa and other Ukrainian Black Sea ports. He said the attacks breach Russia's commitment to facilitate unimpeded food and fertilizer exports.
The UN said the attacks are already pushing down global wheat and corn prices.
Attacks on port export infrastructure cut the volume that can leave Ukraine and raise the risk premium on Black Sea grain, which supports wheat and corn prices.
un.orgJul 20, 2023After 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.
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.
