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The UN Coordinator's operational update reports 32.8 million tons of grain and foodstuffs exported from three Ukrainian ports in the Initiative's first year. Only one vessel remains under the deal, and 29 applications from Turkish waters have not been approved by all parties.
Renewal is due on 17 July, and no vessel has been allowed into Yuzhny/Pivdennyi since 29 April.
Without a renewed Initiative, Ukrainian grain exports depend on costlier, less secure alternative routes, which tightens supply and supports wheat and corn prices.
ungeneva.orgJul 1, 2023After 361 past bullish geopolitics events, WHEAT 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.
