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Russian warships off Ukraine's southern coast are preventing cargo ships from leaving Black Sea ports, including Odesa. Grain exports have nearly stopped since the war began on February 24.
Ukraine could lose about $6 billion in grain export revenue.
Ukraine is a major corn and wheat exporter, and a near-total halt removes large volumes from world supply. Buyers should expect firmer corn and wheat prices and higher feed costs.
reuters.comSilvia Aloisi, Pavel PolityukMar 21, 2022After 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.
After 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.
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.
