Black Sea Disruptions Support Grain Markets Amid Volatility

Grain markets have held steady despite a turbulent week, with UK feed wheat futures remaining close to £200.00/t as of November 26.

The contract had reached £207.00/t at one point last week but retreated due to profit taking and false reports about Ukraine's plans to protect its Odesa-region ports for grain exports.

Analysts from the AHDB note that disruptions in the Black Sea, where attacks on ports and commercial vessels continue, remain a key market driver. If these disruptions persist or worsen, they could remove a significant share of global supply from the market, supporting prices.

However, the picture remains 'volatile' according to the AHDB.

Weather concerns have also contributed to market support, with French maize crop ratings deteriorating further, as reported by FranceAgriMer. Only 38% of the maize area is now in good or excellent condition.