Black Sea Export Risks Send Grain Prices Soaring
Grain prices have surged in both the U.S. and Europe due to increased risks to shipments from the Black Sea region.
This sharp rise has led some analysts to revise their forecasts for a global food crisis, shifting it from long-term to short-term expectations.
The price spikes were triggered by limited export capacity from Ukrainian and Russian ports in the Black Sea area. The port of Novorossiysk has suspended full-scale grain exports, with infrastructure restoration expected to take one to several months.
In Chicago, corn prices reached a three-year high, rising 2.7% to $202.36/metric ton, supported by wheat price spikes and traders' concerns about the U.S. harvest supply. Corn imports into the EU from August 23 to the start of the 2026/27 season reached 2.57 million metric tons, up 44% from a year earlier.
Soybeans also hit new highs, with November futures rising 2.28% to $465.17 per metric ton, supported by China's new purchases and large weekly export sales of the new crop.