Cereal prices decline amid Black Sea trade hopes

Cereal prices continued to fall on Wednesday, driven by expectations that grain traffic in the Black Sea could resume. Ukrainian grain stocks remain high, which has contributed to the downward pressure on prices. However, corn prices on the Chicago Board of Trade (CBOT) saw a slight increase due to wet weather in parts of the United States.

Wheat prices fall below 600 cents per bushel

Wheat prices on the CBOT dropped below 600 cents per bushel for the first time in months. The most actively traded December 2026 contract fell by 11.25 cents, while the March and May 2027 contracts lost 9.75 and 9 cents respectively. The decline was most pronounced in near-term contracts, reflecting optimism about renewed Black Sea exports despite strong global demand.

WFP seeks to buy 1 million tonnes of Ukrainian cereals

The World Food Programme (WFP) has indicated it is ready to purchase up to 1 million tonnes of Ukrainian cereals for its humanitarian programs. As of October 1, Ukraine’s cereal and oilseed stocks reached 20.7 million tonnes, a 6 million tonne increase from the previous year. However, 20,718 freight wagons are currently waiting at western Ukrainian border posts, with an average crossing time of 19 days.

Brazil eyes record wheat imports

Brazil is projected to import up to 10 million tonnes of wheat in 2027, the highest level in over three decades. This is due to a sharp decline in domestic production and quality issues caused by adverse weather. With only 36 percent of its wheat needs met by local harvests, Brazil may rely heavily on Argentina, which could offer an abundant supply but with potential quality concerns from excessive rain and frost.

Australia targets record barley exports

Australia is expected to harvest 17.7 million tonnes of barley in the 2026/27 season and could export a record 13 million tonnes, driven by strong Chinese demand. Wheat production is forecast to reach 32 million tonnes, down from 36 million in the previous season. This increased supply is putting downward pressure on global barley prices, despite high Chinese demand absorbing a large portion of the output.

Russia reopens Azov Sea grain exports

Russia has authorized grain ships to depart from Temryuk and Kavkaz ports in the Azov Sea, marking the first such move since July 2026. This partial resumption of grain exports through the Kerch Strait could affect global wheat markets, with futures contracts in Chicago falling up to 2.8 percent. However, logistical and security risks remain high without a ceasefire, limiting the immediate impact on commercial flows.

Corn prices rebound slightly on CBOT

Corn prices on the CBOT saw a slight rebound on Wednesday, with near-term contracts rising by 1 to 3 cents per bushel. The most actively traded December 2026 contract rose to 452.75 cents, while the March 2027 contract was at 462.75 cents. European corn prices, however, continued to decline on Euronext, with the March 2027 contract falling by 3.75 euros per tonne.

French physical markets show mixed trends

French physical cereal markets on October 28, 2026, showed mixed trends, with soft wheat prices slightly declining across major delivery points. Corn prices also fell in most regions, with the exception of Pontivy/Guingamp, where prices increased. Hard wheat and forage barley prices showed small gains in some areas, while other segments, such as brewery barley, saw declines. Flour and milling product prices also dropped slightly across the board.