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Ukraine says talks on extending the Black Sea Grain Initiative will begin in about a week. The deal, brokered by the UN and Turkey, allowed grain exports from three Ukrainian ports.
Ukraine also cited a forecast fall in its 2023 grain and oilseed harvest to 64.8 million tonnes from 72.7 million.
Uncertainty over the deal's renewal raises the risk that Ukrainian corn and wheat exports could be interrupted, which supports prices. The smaller expected harvest reinforces that tightness.
reuters.comPavel PolityukMar 1, 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.
