Russia’s invasion of Ukraine has shaken the world as well as the commodity markets, but there’s a glimmer of hope. Passage of an agreement among Russia, Ukraine, Turkey and the U.N. allowing for grain to be shipped out of the Black Sea region via a grain corridor appears to be holding this month.

Stephen Nicholson, global strategist, grains and oilseeds with Rabobank, said the ar­rangement has allowed for more than 30 grain shipments  after shipping resumed early...