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Chicago wheat futures rallied to set their biggest one-day gain in a decade after Russia's invasion of Ukraine disrupted supplies from a major exporting region. Corn rose more than 3% and soybeans gained about 2.5%.
Ukrainian ports shut down and Russian exports faced new Western sanctions.
Losing Black Sea wheat and corn supply tightens global grain balances and lifts feed grain prices. Sanctions on Russian exports add further upward pressure on prices.
financialpost.comReutersFeb 28, 2022After 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.
After 72 past bullish geopolitics events, Soybeans moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% 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.
