# Black Sea wheat market unmoved by Russia's troop movements: traders | S&P Global

> Black Sea wheat traders had not yet changed trading behavior despite Russian troop build-up near the Ukrainian border, which includes about 100,000 troops. Russia and Ukraine together account for 23% of global wheat exports, and Chicago wheat rose 7.4% in two days on tension-driven buying. The ruble and hryvnia weakened more than 3% against the dollar.

- Date: 2022-01-20 · published 2022-01-20T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/14515-black-sea-wheat-market-unmoved-by-russia-s-troop-movements-traders-s-and-p
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

The sharp Chicago wheat rally reflects a geopolitical risk premium that could fade or intensify depending on developments, and currency weakness in Russia and Ukraine tends to support their export competitiveness.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2026-08-20 | [FACTBOX: Black Sea grain trade strained by escalating Russia-Ukraine conflict \| S&P Global](https://feedsoft.ai/events/14090-factbox-black-sea-grain-trade-strained-by-escalating-russia-ukraine-conflict-s.md) | -1.3% | +3.3% |
| WHEAT | 2022-10-31 | [U.N. Black Sea grain pact under threat as Russia quits \| Reuters](https://feedsoft.ai/events/14444-u-n-black-sea-grain-pact-under-threat-as-russia-quits-reuters.md) | -5.6% | +2.4% |
| WHEAT | 2023-07-20 | [Black Sea conflict boosts wheat prices in Southeast Asia, Australia \| S&P Global](https://feedsoft.ai/events/35106-black-sea-conflict-boosts-wheat-prices-in-southeast-asia-australia-s-and-p.md) | -0.7% | -1.3% |
| WHEAT | 2022-10-31 | [Wheat up 6% after Russia quits Black Sea pact; corn, soy firm \| Reuters](https://feedsoft.ai/events/39156-wheat-up-6-after-russia-quits-black-sea-pact-corn-soy-firm-reuters.md) | -5.6% | +2.4% |
| WHEAT | 2024-11-20 | [Has the Global Wheat Market Changed?](https://feedsoft.ai/events/27442-has-the-global-wheat-market-changed.md) | -0.0% | +0.4% |
| CORN | 2026-08-20 | [FACTBOX: Black Sea grain trade strained by escalating Russia-Ukraine conflict \| S&P Global](https://feedsoft.ai/events/14090-factbox-black-sea-grain-trade-strained-by-escalating-russia-ukraine-conflict-s.md) | +5.4% | +5.6% |
| CORN | 2022-10-31 | [U.N. Black Sea grain pact under threat as Russia quits \| Reuters](https://feedsoft.ai/events/14444-u-n-black-sea-grain-pact-under-threat-as-russia-quits-reuters.md) | -2.2% | -3.8% |
| CORN | 2022-10-31 | [Wheat up 6% after Russia quits Black Sea pact; corn, soy firm \| Reuters](https://feedsoft.ai/events/39156-wheat-up-6-after-russia-quits-black-sea-pact-corn-soy-firm-reuters.md) | -2.2% | -3.8% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/012022-black-sea-wheat-market-unmoved-by-russias-troop-movements-traders

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.