Ukraine's infrastructure minister announced that Black Sea grain exports deal, brokered between Ukraine and Russia by Turkey and the United Nations, has been extended for 120 days. Without the extension, deal would hit its deadline Official statement from the Ukraine President on the extension is expected soon. However, around half an hour after the announcement from Ukraine's infrastructure minister, the Turkish Defence Ministry said that talks on the extension are continuing.
Reaction of the market to the announcement was minor as extension to the Black Sea grain deal was expected. Nevertheless, taking a look at WHEAT at H1 interval, we can see that the price broke back below the 200-hour moving average (purple line) on the news and continued to move until it reached the 50-hour moving average (green line). Price is currently testing lows from yesterday in the 822 area and a break below would pave the way for a pullback towards support zone ranging below 804 handle.
Source: xStation5
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