Grain Prices Rise Amid Export Worries
Global grain prices have risen for a second week in a row due to concerns about exports from Russia and Ukraine. The countries typically ship large volumes of grain during this time, but industry sources estimate that Russian grain exports fell by 20% year-on-year in July, with steeper reductions expected for August.
The suspension of operations at Russia's top wheat exporting port in the Black Sea, Novorossiysk, and damage to the Ukrainian port at Izmail have also contributed to the price increase. Meanwhile, US prices were supported by concerns about low soil moisture levels in southern winter wheat growing states and a reduction in the forecast for the 2026 US maize yield.
The USDA reduced its forecast of the 2026 US maize yield by 0.14 t/ha from last month, to 11.35 t/ha, which was a bigger cut than expected. However, a larger cropped area offset lower yields, taking US maize production to 406.7 Mt, up 0.3 Mt from July.