BLACK SEA EXPORTS TRUCE RISK: SELLING FORWARD IS PROBABLY THE BEST APPROACH!

15 Oct 2026
Grain prices remain supported by disrupted Russian and Ukrainian exports but very vulnerable to a possible and unpredictable truce. Grain has not disappeared: it is accumulating behind restricted ports.
At some point, although nobody knows when, these stocks will regain access to the world market. Russia
and Ukraine will then need to export very large volumes quickly, creating significant downside pressure.

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