Wheat and corn prices rose after Russia withdrew from the Ukrainian grain corridor

Wheat and corn prices on world markets rose after Russia withdrew on July 17, 2023 from a crucial deal that allowed grain to be exported from Ukraine. This represents a setback for Ukrainian exports through the Black Sea. On the Chicago Stock Exchange, one of the largest places for trading agricultural products, corn futures rose 1.14% on July 17, soybean futures rose 0.51% and wheat futures rebounded the 0.38% since the opening. Ukraine, a big exporter The agreement on the "grain corridor" in the Black Sea was important because Ukraine is the seventh largest exporter of wheat in the world and the fourth largest exporter of corn. Until before the new conflict over the transit of goods through the Black Sea, the United States Department of Agriculture (USDA) anticipated a lower exportable supply from Ukraine and Russia. The expectation was that Ukraine would export 10.5 million tons of wheat between 2023 and 2024, an annual drop of 38% and 44% compared to the 2021/2022 cycle. From ...