Geopolitics Boost Grain and Oilseed Markets Amidst Delayed Black Sea Exports
The ongoing geopolitical volatility has continued to support grain and oilseed markets, leading to an increase in prices. UK feed wheat futures have risen further, currently standing at £215.75/t as of November 26.
The Black Sea region is typically a key exporter of grains during the month of September, but this season's exports are expected to be lower than usual. The International Grains Council (IGC) has reduced its forecasts for exports from Russia and Ukraine, while increasing its forecasts for their stocks by the end of 2026/27.
The decrease in Black Sea exports is attributed to various factors, including delayed shipments and a growing risk of needing to 'shop around' for alternatives. AHDB senior analyst Helen Plant notes that grain is still moving, but not at the levels seen in previous seasons.