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Ukraine exported only 590,000 tonnes of grain in the first 12 days of August, about 30% of the needed volume, as Russia's blockade of Odesa ports continued. Cargo ships have not entered the Black Sea ports, which normally handle about 90% of exports, for over three weeks.
Ukraine is seeking alternative routes and temporary storage.
A near-total halt to shipments from a major Black Sea exporter removes wheat and corn supply from world markets, pushing export prices higher.
agroconf.orgJul 9, 2020After 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 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.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
