Ukraine said crop shipments through the Black Sea safe-passage corridor were suspended for a second day because no inspections took place in Istanbul, which Kyiv blamed on Russian obstruction. Poland, Hungary and Slovakia have also banned some Ukrainian grain imports, and Moscow has threatened to quit the deal if its demands are not met by mid-May.
Disrupted Ukrainian wheat and corn exports tighten global supply and push up feed grain prices, while uncertainty over the deal's renewal adds a risk premium.
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 94 past bullish geopolitics events, Wheat (HRW) moved a median +0.1% over 5 sessions (50% higher; middle half -2.7% to +5.8%), and +0.1% 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.