The 'Grain Corridor' Effect in Wheat

Under the leadership of Turkey, the 'grain corridor' agreement is signed. Food shipments of the world's two largest grain producers Russia-Ukraine will accelerate.

In the first place, 80 ships and 25 million tons of food, primarily wheat, will be delivered safely from Ukrainian and Russian ports.
The agreement affects wheat prices. Testing $940 on July 11, wheat fluctuates in the $778-807 band before today's deal.

The 'grain corridor' is expected to relieve global supply. Depending on the application, the $840-855 band in wheat stands out as resistance.

$735, the lowest point of wheat in 2022, can also stand out as important support. In the short term, the $765 support can be followed.