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Grain futures were mostly lower on November 12 with limited price moves, as the market digested USDA November revisions. US, Russian and Ukrainian officials met in Abu Dhabi, making some progress including a prisoner exchange, but no ceasefire or reopening of Black Sea agricultural shipments.
USDA raised US wheat ending stocks by 3 million bushels to 743 million and world wheat stocks by 4.78 MMT to 280.82 MMT, while SovEcon cut its 2026/27 Russian wheat export forecast by 0.7 MMT to 36 MMT.
Higher world wheat stocks are bearish, but tighter Black Sea supply from stalled shipping talks and a lower Russian export forecast limits the downside and keeps geopolitical risk in wheat prices. A genuine reopening of Black Sea trade could add competitive pressure on international wheat prices.
tahilborsa.comGate.BGNov 12, 2026Not enough comparable past events yet for a historical read.
Not 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.
