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Russia's blockade of Ukrainian Black Sea ports has left wheat stuck in storage, with Ukraine's silos full from the last harvest. Russia and Ukraine together supply about 30 percent of world wheat, and Ukraine's exports were completely cut off.
Russia and Ukraine also account for roughly 75 percent of sunflower oil and 20 percent of maize trade.
The blockade removes a large share of traded wheat, corn and sunflower oil from world markets, supporting prices and tightening feed grain supplies.
theguardian.comKaamil Ahmed, Garry Blight, Liz Ford, Lydia McMullanJun 9, 2022After 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.
After 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.
Not enough comparable past events yet for a historical read.
After 110 past bullish geopolitics events, Soybean Oil moved a median +1.8% over 5 sessions (65% higher; middle half -0.7% to +3.6%), and -0.4% 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.
