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Wheat prices rose sharply after Moscow said it downed two drones that attacked the Kremlin, which Ukraine denied organizing. The incident came as the Black Sea shipping corridor faced a possible expiry on May 18.
Wheat had just seen its biggest jump in six months after funds built a large net-short position.
Renewed fears about the Black Sea corridor threaten Ukrainian wheat exports, and the short-covering rally reflects that risk. Prices could stay firm if the corridor's future remains unresolved.
ukragroconsult.comMay 5, 2023After 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.
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.
