# Weekly Commodities Strategy: Russia-Ukraine War, Dryness In

> Russia's withdrawal from the Black Sea grain agreement sent second-month wheat futures up 8.2% and corn up 2.3%. Prices eased after Russia said it would stay in the deal, and dryness in North and Latin America plus flooding in Australia added to supply concerns.

- Date: 2022-11-03 · published 2022-11-03T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/7285-weekly-commodities-strategy-russia-ukraine-war-dryness-in
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Threats to Black Sea export flows and weather-related crop losses tighten global wheat and corn supplies, raising feed grain costs for buyers.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-02-23 | [Impact of Russia-Ukraine on supply chains: food, metals, commodities](https://feedsoft.ai/events/42750-impact-of-russia-ukraine-on-supply-chains-food-metals-commodities.md) | +6.4% | +26.3% |
| WHEAT | 2022-02-24 | [Commodity supplies at risk as Russia invades Ukraine \| Reuters](https://feedsoft.ai/events/14508-commodity-supplies-at-risk-as-russia-invades-ukraine-reuters.md) | +6.8% | +25.3% |
| WHEAT | 2022-03-23 | [How Russia's invasion of Ukraine rocked commodity markets](https://feedsoft.ai/events/6242-how-russia-s-invasion-of-ukraine-rocked-commodity-markets.md) | +1.3% | -9.2% |
| WHEAT | 2023-08-07 | [The Commodities Feed: Russia-Ukraine tensions add to oil supply risks \| articles \| ING THINK](https://feedsoft.ai/events/34496-the-commodities-feed-russia-ukraine-tensions-add-to-oil-supply-risks-articles.md) | +0.5% | -6.9% |
| WHEAT | 2022-03-09 | [USDA Factors Russia-Ukraine War in Latest WASDE Report](https://feedsoft.ai/events/13738-usda-factors-russia-ukraine-war-in-latest-wasde-report.md) | -3.1% | +3.6% |
| CORN | 2022-02-23 | [Impact of Russia-Ukraine on supply chains: food, metals, commodities](https://feedsoft.ai/events/42750-impact-of-russia-ukraine-on-supply-chains-food-metals-commodities.md) | +7.5% | +12.7% |
| CORN | 2022-02-24 | [Commodity supplies at risk as Russia invades Ukraine \| Reuters](https://feedsoft.ai/events/14508-commodity-supplies-at-risk-as-russia-invades-ukraine-reuters.md) | +6.5% | +12.3% |
| CORN | 2022-03-09 | [USDA Factors Russia-Ukraine War in Latest WASDE Report](https://feedsoft.ai/events/13738-usda-factors-russia-ukraine-war-in-latest-wasde-report.md) | +3.3% | +10.3% |

## Sources

- fitchsolutions.com: https://www.fitchsolutions.com/bmi/commodities/weekly-commodities-strategy-russia-ukraine-war-dryness-north-and-latin-america-flooding-australia-exacerbating-concerns-over-global-supplies-03-11-2022

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