Black Sea Shipping Uncertainty Drives Up Grain Prices

Uncertainty over shipping attacks from Black Sea ports has limited grain exports and driven up prices. The Paris MATIF futures for Dec-26 rose to €232/t last week, while Sep-26 futures closed at €215/t on August 11th. However, prices rallied back to €234/t for Dec-26 and €225/t for Sep-26 on news of damage at key Russian terminals.

The USDA published its WASDE report for August, forecasting maize yields at 180.7bu/a (4.59t/ac), down from 183bu/ac in July. Maize production is still expected to reach 406.75MMT, but harvested area is forecast to increase by 1.2 million acres.

Rapeseed prices have remained firm on Paris futures due to disruption to oilseed supply logistics in the Black Sea, with Nov-26 futures gaining €20/t to close at €533/t on August 1st.