# Black Sea deal extension sinks grain prices

> Grain futures fell sharply on May 17, 2023 after an extension of the Black Sea grain shipping deal was finalized, giving Ukrainian vessels another 60 days to export. Corn, soybeans and wheat all declined by double digits, with Chicago SRW wheat falling the most. Favorable spring planting weather also added pressure.

- Date: 2023-05-17 · published 2023-05-17T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/5012-black-sea-deal-extension-sinks-grain-prices
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Continued Ukrainian grain exports keep a major competitor supplying world markets, easing supply concerns and pressuring corn, soybean and wheat prices.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-05-18 | 5 | -8.8% | -3.2 | Extension of the Black Sea grain deal on May 17 removed a geopolitical risk premium and sank grain prices. |
| CORN | 2023-05-25 | 5 | +8.2% | 3.0 | The Black Sea deal extension on May 17 improved Ukrainian export supply and sharply sold off grain futures, including corn. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-02-21 | [Ukraine, Russia ink deal to export grain on Black Sea](https://feedsoft.ai/events/48492-ukraine-russia-ink-deal-to-export-grain-on-black-sea.md) | +0.7% | -0.7% |
| WHEAT | 2023-03-18 | [Ukraine Black Sea grain deal extended for at least 60 days](https://feedsoft.ai/events/14405-ukraine-black-sea-grain-deal-extended-for-at-least-60-days.md) | -3.3% | +1.0% |
| WHEAT | 2023-05-17 | [Ukraine Black Sea grain deal extended for two months \| Reuters](https://feedsoft.ai/events/14391-ukraine-black-sea-grain-deal-extended-for-two-months-reuters.md) | -1.4% | -6.9% |
| WHEAT | 2023-03-18 | [Black Sea Grain Initiative extended on deadline day \| UN News](https://feedsoft.ai/events/14406-black-sea-grain-initiative-extended-on-deadline-day-un-news.md) | -3.3% | +1.0% |
| WHEAT | 2022-11-17 | [Black Sea grain export deal extended, but Russia wants more on fertiliser exports](https://feedsoft.ai/events/14436-black-sea-grain-export-deal-extended-but-russia-wants-more-on-fertiliser-exports.md) | +1.0% | -0.5% |
| CORN | 2021-02-21 | [Ukraine, Russia ink deal to export grain on Black Sea](https://feedsoft.ai/events/48492-ukraine-russia-ink-deal-to-export-grain-on-black-sea.md) | +1.6% | -3.4% |
| CORN | 2023-03-18 | [Ukraine Black Sea grain deal extended for at least 60 days](https://feedsoft.ai/events/14405-ukraine-black-sea-grain-deal-extended-for-at-least-60-days.md) | -0.0% | +0.4% |
| CORN | 2023-05-17 | [Ukraine Black Sea grain deal extended for two months \| Reuters](https://feedsoft.ai/events/14391-ukraine-black-sea-grain-deal-extended-for-two-months-reuters.md) | +2.4% | +0.5% |

## Sources

- feedstuffs.com: https://www.feedstuffs.com/market-news/black-sea-deal-extension-sinks-grain-prices

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