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Zelenskiy visited the International Criminal Court in The Hague, and said Russia did not appear interested in extending the Black Sea agreement beyond May 18. Chicago wheat rebounded from a 25-month low and closed higher on doubts about the future of the Black Sea grains corridor.
Uncertainty over the Black Sea corridor's future supports wheat prices after a steep decline. Buyers should watch the May 18 expiry date for further price moves.
reuters.comMay 4, 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.
