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Russia agreed to extend the Ukraine grain deal, which has allowed over 30 million metric tons of Ukrainian grain to be shipped. China, Spain and Turkey are the largest recipients, and more than half of the volume has gone to developing nations.
The extension keeps Black Sea supply flowing to importers, reducing the risk of a supply shock in feed grains.
apnews.comCourtney Bonnell, Suzan FraserMay 18, 2023After 87 past bearish geopolitics events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +2.1%), and +0.3% over 20.
After 80 past bearish geopolitics events, Wheat (SRW) moved a median -0.4% over 5 sessions (44% higher; middle half -1.4% to +1.9%), and -0.5% 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.
