Loading…
Ukrainian grain exports have continued to succeed despite Russian threats to exit the Black Sea deal. The USDA forecasts 2022-23 Ukrainian wheat exports at 14.5 million tonnes and corn exports at 25.5 million tonnes, both well above pre-deal estimates.
Stronger-than-expected Ukrainian export volumes add supply to global wheat and corn markets, which weighs on prices. The market has largely discounted the risk of the deal collapsing.
reuters.comApr 26, 2023After 375 past bearish trade events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 683 past bearish trade events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
