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Russia reversed its suspension of the Black Sea grain arrangement after agreeing with Turkey to rejoin. Russia's defence ministry says Kyiv gave written assurances the corridor will not be used for military action.
The deal was set to expire November 19 and still needed extension.
Resumed Black Sea grain flows support adequate wheat, corn and sunflower supplies and ease upward pressure on feed grain and vegetable oil prices. Uncertainty over the November 19 expiry keeps some risk premium in place.
supplychainbrain.comPanama Canal to Roll Back Transit, Draft RestrictionsNov 2, 2022After 80 past bearish geopolitics events, Wheat (SRW) moved a median -0.4% over 5 sessions (44% higher; middle half -1.4% to +1.9%), and -0.5% over 20.
After 87 past bearish geopolitics events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +2.1%), and +0.3% over 20.
After 28 past bearish geopolitics events, Soybean Oil moved a median -2.7% over 5 sessions (21% higher; middle half -8.3% to -0.7%), and -2.1% 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.
