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Turkey and the UN announced that the Ukrainian Black Sea grain export deal was renewed on March 18, 2023, before its Saturday expiry. Russia said the extension was 60 days, while Ukraine said 120 days, and more than 11 million tonnes of farm products had shipped from three ports.
Renewal keeps Ukrainian corn and wheat flowing, reducing supply risk and weighing on feed grain prices. The disagreement over duration leaves a future risk of disruption.
aljazeera.comMar 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.
Coverage of the same extension, with Russia and Ukraine disagreeing on its length, shows that export flows were continuing, which supports a weekend-to-Monday sell-off.
