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Rabobank raised its wheat price forecasts over concerns that the UN-brokered Ukraine grain export deal, which lapses in November, could crumble. Russia's top-exporter harvest is reported at a record 100 million tonnes, but the bank flagged risks of further escalation.
It also warned of recession risk weighing on commodity demand.
Expected disruption to Black Sea exports and a possible deal lapse would tighten world wheat supply and lift wheat prices.
grainpricenews.comMike VerdinSep 30, 2022After 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.
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.
