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Corn rallied in the week to July 21 after Russia closed the Black Sea corridor and struck port facilities in Odessa. The author notes US corn crop weather has been near ideal with timely July rains, reducing weather risk.
Loss of the Black Sea corridor removes a major export route, supporting corn prices, while benign US weather limits upside. Price direction depends on whether a new shipping deal is reached.
agweb.comJon ScheveJul 24, 2023After 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.
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.
