# Ukraine Black Sea grain deal extended for at least 60 days

> Turkey and the UN announced that the Black Sea Grain Deal, which allows safe export of Ukrainian grain, was renewed on March 18, 2023, for at least 60 days, half the intended period. Russia had warned that extensions beyond mid-May would depend on removing some Western sanctions.

- Date: 2023-03-18 · published 2023-03-18T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/14405-ukraine-black-sea-grain-deal-extended-for-at-least-60-days
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Continuation removes a supply-disruption risk premium for Black Sea wheat and corn, which is mildly bearish for feed grain prices. The short duration keeps uncertainty alive into May.

## Read by commodity

- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2023-03-20 | 1 | -3.2% | -3.1 | The Black Sea Grain Deal extension on March 18, just before the Monday drop, removed the risk of an export disruption from Ukraine and lowered the supply-risk premium in wheat, even though it ran only 60 days. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-05-17 | [Ukraine Black Sea grain deal extended for two months \| Reuters](https://feedsoft.ai/events/14391-ukraine-black-sea-grain-deal-extended-for-two-months-reuters.md) | +2.4% | +0.5% |
| CORN | 2022-11-17 | [Landmark Black Sea grain deal extended for another 120 days: Turkish president](https://feedsoft.ai/events/14442-landmark-black-sea-grain-deal-extended-for-another-120-days-turkish-president.md) | -1.7% | -4.9% |
| CORN | 2023-03-18 | [Black Sea Grain Initiative extended on deadline day \| UN News](https://feedsoft.ai/events/14406-black-sea-grain-initiative-extended-on-deadline-day-un-news.md) | -0.0% | +0.4% |
| CORN | 2021-02-21 | [Ukraine, Russia ink deal to export grain on Black Sea](https://feedsoft.ai/events/48492-ukraine-russia-ink-deal-to-export-grain-on-black-sea.md) | +1.6% | -3.4% |
| CORN | 2023-03-18 | [Ukraine Black Sea grain export deal extended, UN and Turkey say \| Russia-Ukraine war News \| Al Jazeera](https://feedsoft.ai/events/14408-ukraine-black-sea-grain-export-deal-extended-un-and-turkey-say-russia-ukraine.md) | -0.0% | +0.4% |
| WHEAT | 2023-05-17 | [Ukraine Black Sea grain deal extended for two months \| Reuters](https://feedsoft.ai/events/14391-ukraine-black-sea-grain-deal-extended-for-two-months-reuters.md) | -1.4% | -6.9% |
| WHEAT | 2022-11-17 | [Landmark Black Sea grain deal extended for another 120 days: Turkish president](https://feedsoft.ai/events/14442-landmark-black-sea-grain-deal-extended-for-another-120-days-turkish-president.md) | +1.0% | -0.5% |
| WHEAT | 2023-03-18 | [Black Sea Grain Initiative extended on deadline day \| UN News](https://feedsoft.ai/events/14406-black-sea-grain-initiative-extended-on-deadline-day-un-news.md) | -3.3% | +1.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/black-sea-grain-deal-extended-turkey-ukraine-say-2023-03-18/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.