# Weekly Ag Markets Update - 01/02/2024 - Market InsightsMarket Insights

> Wheat rose last week after a commercial ship reportedly hit a mine in the Black Sea, following reports of a Russian naval ship bombed in Crimea. Black Sea offers remain plentiful at about $260 per ton FOB, and Argentina announced a sharp peso devaluation with structural reforms.

- Date: 2024-01-02 · published 2024-01-02T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude low
- Page: https://feedsoft.ai/events/6739-weekly-ag-markets-update-01-02-2024-market-insightsmarket-insights
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Escalating Black Sea hostilities add a modest risk premium to wheat, but ample Russian and EU supply and weak US wheat demand cap upside. Peso devaluation may pressure Argentine farmers to sell, adding export supply.

## Read by commodity

- CORN: neutral
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2024-01-01 | 1 | +2.9% | 3.0 | Wheat rose after a commercial ship reportedly hit a mine in the Black Sea and a Russian naval ship was reportedly bombed in Crimea, raising supply-risk sentiment, though plentiful Black Sea offers limit the effect. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-12-16 | [Weekly Market Update 12/16/2021 - GCC](https://feedsoft.ai/events/8020-weekly-market-update-12-16-2021-gcc.md) | +5.2% | +7.8% |
| WHEAT | 2026-07-16 | [Grains Report 07/16/2026 - Market InsightsMarket Insights](https://feedsoft.ai/events/9564-grains-report-07-16-2026-market-insightsmarket-insights.md) | +3.9% | +0.1% |
| WHEAT | 2022-02-25 | [UK wheat prices rise sharply in volatile market - Farmers Weekly](https://feedsoft.ai/events/6309-uk-wheat-prices-rise-sharply-in-volatile-market-farmers-weekly.md) | +9.4% | +23.7% |
| WHEAT | 2026-08-01 | [Arable Market Report – 13 July 2026](https://feedsoft.ai/events/10787-arable-market-report-13-july-2026.md) | -0.8% | +3.0% |
| WHEAT | 2026-09-04 | [Economic Weekly 35/2026, September 4, 2026 – Polish Economic Institute](https://feedsoft.ai/events/14086-economic-weekly-35-2026-september-4-2026-polish-economic-institute.md) | +1.4% | +0.4% |
| KWHEAT | 2026-07-16 | [Grains Report 07/16/2026 - Market InsightsMarket Insights](https://feedsoft.ai/events/9564-grains-report-07-16-2026-market-insightsmarket-insights.md) | +6.0% | +0.1% |
| KWHEAT | 2022-11-02 | [Grain export corridor update, Russia resumes: Grain market daily \| AHDB](https://feedsoft.ai/events/7737-grain-export-corridor-update-russia-resumes-grain-market-daily-ahdb.md) | -4.5% | -7.8% |
| KWHEAT | 2022-03-09 | [Markets stagger as Russia sanctions intensify](https://feedsoft.ai/events/9526-markets-stagger-as-russia-sanctions-intensify.md) | -2.4% | -8.7% |

## Sources

- blog.pricegroup.com: https://blog.pricegroup.com/2024/01/02/weekly-ag-markets-update-01-02-2024/

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