
European wheat futures hit a record high after the war raised the risk of stalled shipments from Ukraine and Russia, which together supply nearly a third of world wheat exports and almost a fifth of corn exports. Traders have bought about 400,000 to 500,000 tonnes of Romanian wheat and 200,000 to 300,000 tonnes of Romanian corn for near-term shipment.
Buyers are shifting demand to EU origins, which lifts European and global wheat and corn prices and raises feed grain costs.
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.
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.
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.