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Turkish President Erdogan announced that the Black Sea Grain Corridor Agreement was extended for 120 days from November 19, 2022. He said nearly 500 ships had carried over 11 million tonnes of grain and foodstuffs in the previous four months.
The extension removes the risk of the corridor closing at expiry, keeping Ukrainian wheat and corn flowing and pressuring prices lower. Only the extension is confirmed, so its duration remains the main uncertainty.
aa.com.trBusra Nur CakmakNov 17, 2022After 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.
After 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.
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.
