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Foreign Policy reported that Russia offered only a 60-day extension of the Black Sea Grain Initiative, half the prior 120-day term, while Ukraine, Turkey and the UN pushed for the full period. Diplomats were racing to finalize the extension before the Saturday expiry.
Threats of Russian withdrawal and slowed exports raise the risk of reduced Black Sea supply, which is supportive for corn and wheat prices.
foreignpolicy.comChristina Lu, Robbie GramerMar 17, 2023After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% 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.
