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Russia and Ukraine signed a deal in Istanbul to unblock grain exports from Black Sea ports. On the same day the White House announced about $270 million in new US military aid to Kyiv.
Reopening Black Sea grain exports adds significant supply to the market, which pushes wheat and corn prices lower.
reuters.comEzgi ErkoyunJul 21, 2022After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), 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.
The Russia-Ukraine grain deal reported July 21 to unblock Black Sea ports cut supply-risk premium and pressured wheat.
