# Dry Bulk Market: Russia’s Exit from the UN Black Sea Grain Initiative Will Have an Impact on Market - Nautical Voice

> Xclusiv, cited by Nautical Voice, says Russia's withdrawal from the UN Black Sea Grain Initiative means it will no longer guarantee safety for ships exporting Ukrainian grain. Russian strikes on Odesa harbour have reportedly halted seaborne trade, and the shipbroker expects effects on freight rates.

- Date: 2023-07-27 · published 2023-07-27T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/35235-dry-bulk-market-russia-s-exit-from-the-un-black-sea-grain-initiative-will-have
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Barley](https://feedsoft.ai/c/BARLEY.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Halted Ukrainian grain shipments remove a major wheat and corn supply source at the start of harvest, supporting grain prices. Freight rates for Black Sea routes are likely to rise on risk and rerouting.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲
- BARLEY: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-08-01 | [Update from the Office of the UN Coordinator for the Black Sea Grain Initiative](https://feedsoft.ai/events/14376-update-from-the-office-of-the-un-coordinator-for-the-black-sea-grain-initiative.md) | +0.4% | -7.2% |
| WHEAT | 2023-11-14 | [The Black Sea Grain Initiative: What was achieved? Why was it important? \| United Nations](https://feedsoft.ai/events/14347-the-black-sea-grain-initiative-what-was-achieved-why-was-it-important-united.md) | +2.7% | +0.3% |
| WHEAT | 2023-02-15 | [Black Sea Initiative to keep markets volatile short term: Grain market daily \| AHDB](https://feedsoft.ai/events/37226-black-sea-initiative-to-keep-markets-volatile-short-term-grain-market-daily-ahdb.md) | -1.4% | -7.1% |
| WHEAT | 2023-08-07 | [End of the Black Sea Grain Initiative: Implications for sub-Saharan Africa \| IFPRI](https://feedsoft.ai/events/14373-end-of-the-black-sea-grain-initiative-implications-for-sub-saharan-africa-ifpri.md) | +0.5% | -6.9% |
| WHEAT | 2023-07-01 | [Operational update from the Office of the UN Coordinator for the Black sea Grain Initiative, 15 JULY 2023 \| The United Nations Office at Geneva](https://feedsoft.ai/events/14380-operational-update-from-the-office-of-the-un-coordinator-for-the-black-sea.md) | -9.9% | -6.9% |
| CORN | 2023-08-01 | [Update from the Office of the UN Coordinator for the Black Sea Grain Initiative](https://feedsoft.ai/events/14376-update-from-the-office-of-the-un-coordinator-for-the-black-sea-grain-initiative.md) | -2.3% | -2.8% |
| CORN | 2023-11-14 | [The Black Sea Grain Initiative: What was achieved? Why was it important? \| United Nations](https://feedsoft.ai/events/14347-the-black-sea-grain-initiative-what-was-achieved-why-was-it-important-united.md) | -0.7% | -2.2% |
| CORN | 2023-07-01 | [Operational update from the Office of the UN Coordinator for the Black sea Grain Initiative, 15 JULY 2023 \| The United Nations Office at Geneva](https://feedsoft.ai/events/14380-operational-update-from-the-office-of-the-un-coordinator-for-the-black-sea.md) | +1.4% | -5.6% |

## Sources

- nauticalvoice.com: https://nauticalvoice.com/dry-bulk-market-russias-exit-from-the-un-black-sea-grain-initiative-will-have-an-impact-on-market/751/

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