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An FT investigation found that a Russian bulk carrier loaded corn in Sevastopol, Crimea, and delivered it to a Turkish port, sidestepping sanctions. Russian food exports are not sanctioned, but the voyage appears to be part of a network used to evade other sanctions and possibly smuggle goods from Ukraine.
Satellite imagery corroborated the loading.
Sanctions-evading grain flows add unofficial Russian corn supply to Turkish buyers, a modest bearish factor for corn, while raising compliance risk for feed importers.
ft.comChris Cook, Polina Ivanova in London, Laura Pitel in AnkaraJun 29, 2022After 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.
