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AMIS data indicate global wheat trade in 2026/27 will fall about 8.5%, mainly because Black Sea logistics disruptions are curbing Russian and Ukrainian exports. Global production has been revised higher and ending stocks are expected to rise.
Chicago futures have eased from early-season highs, and FOB Black Sea prices averaged about $202/t in October, down from roughly $212/t in September.
Higher stocks and weaker trade flows point to softer wheat prices, though Black Sea shipping risks keep a freight and logistics premium in place. Buyers of wheat-based feed should expect ample supply but headline-driven volatility.
commodity-board.comNov 12, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
