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The UN announced on March 18, 2023, that the Black Sea Grain Initiative was extended on the day it was due to expire. The initiative covers grain, foodstuffs and fertilizer, and about 25 million metric tons had moved to 45 countries since July 2022.
Steady Ukrainian grain and fertilizer flows ease supply concerns and have helped pull global food prices lower, which is bearish for feed grains.
news.un.org© UNOCHA/Levent KuluMar 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.
