Grain Market Volatility Continues Amid Black Sea Disruption

The grain market has been volatile in recent weeks due to disruption and missile strikes in the Black Sea region. Paris MATIF futures for Dec-26 rose sharply last week by €12.50/t to close at a contract high of €251.00. This followed Russia's dismissal of a Turkish initiative to allow exports resume from ports in the region.

Prices have risen again this week, with MATIF Dec-26 reaching as high as €259/t in trading on Wednesday but closing at €257/t. French maize prices have crossed the €270/t threshold and reached as high as €279/t.

In Chicago, prices for Dec-26 maize increased substantially in recent weeks and are now trading at $5.49/bushel (€186/t) due to Black Sea uncertainty and a sharp decline in maize crop ratings throughout August.