Grain Prices Remain Buoyant Amid Middle East and Black Sea Tensions
Global grain prices have remained relatively stable for the second week in a row. The Nov-26 UK feed wheat futures price has dipped slightly to £212.75/t, due in part to an unexpected increase in global wheat stocks at the end of 2026/27.
The AHDB analysts noted that this increase is largely attributed to higher crop estimates for Australia and Canada. Additionally, the possibility of talks between Russia and Ukraine may have contributed to a decrease in prices.
However, air strikes on key infrastructure and disruptions to Black Sea trade have limited the price impact. SovEcon reduced its forecast of Russian wheat exports in 2026/27 by 3.2 Mt to 41.4 Mt due to the ongoing conflict.
The European Commission data shows that the EU is shipping more barley to Middle Eastern countries, with 887 Kt being shipped to Saudi Arabia between July and September, compared to 411 Kt in the same period last year.