Grain Prices Stay Put Amid Black Sea Volatility
The global grain market remains in a state of uncertainty as prices remained unchanged for the trading week that ended on September 18. UK November 2026 wheat futures closed at £209.75/t, while nearby US wheat and maize futures fell by 1.5% and 0.5%, respectively.
The Black Sea region was a key source of volatility in grain markets, with traders balancing the impact of Russian and Ukrainian attacks against hopes for a Turkish-backed truce on commercial shipping. Despite ongoing wheat shipments from Russia and Ukraine, market participants are cautious about the prospects of improved export flows.
Meanwhile, French maize conditions continue to deteriorate, with only 23% of the crop rated good or excellent by September 14. This is another record low, and sharply below the 62% a year earlier. The projected 42% year-on-year production decline has already been priced into the market.
The US maize harvest progress remains a key focus for the market, with the weather in the US Midwest expected to remain unsettled over the coming week. An update on the harvest is expected this evening, which could provide further clarity on prices.