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The European Commission reached a deal in principle to allow Ukrainian grain transit to resume through five EU countries: Bulgaria, Hungary, Poland, Romania and Slovakia. These countries had restricted imports over concerns that Ukrainian grain was depressing local markets.
Restored transit routes give Ukrainian grain a path to market and ease bottlenecks in the EU, adding supply to wheat and corn. The move reduces the chance of Ukrainian grain being stranded in Eastern Europe.
reuters.comApr 28, 2023After 122 past bearish policy events, Wheat (SRW) moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +1.2%), and +0.4% over 20.
After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% 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.
