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The UNCTAD resource describes the July 2022 Black Sea Grain Initiative and a parallel UN-Russia memorandum that facilitated exports of food and fertilizers. It states that the agreements have brought down food costs and stabilized markets, though progress remains fragile and price pressures persist.
Continued functioning of these agreements limits upside risk in grain and fertilizer prices, though currency weakness in importing countries keeps local feed costs elevated.
unccd.intAuthor UNCTADJan 1, 2023After 137 past neutral policy events, Wheat (SRW) moved a median -0.4% over 5 sessions (43% higher; middle half -1.9% to +1.2%), and +0.3% over 20.
After 439 past neutral policy events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +1.2%), and +1.1% over 20.
After 26 past neutral policy events, Urea moved a median -1.0% over 5 sessions (27% higher; middle half -4.1% to +0.6%), and -2.5% 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.
