Market Report 5th November 2026
Updated: 6 days ago
This week's grain market report from Simon Thomson at GrainCo, written on Thursday 5 November 2026.
Summary
The sell-off continues, with little change to the recent outlook. Grain is still making its way out of Russia and Ukraine steadily through different channels, and the lost shipping capacity seems of little importance if there are few buyers for the grain.
Key points
Liffe May 27 wheat at £200.25 (−£3.00) at the close on 4 November.
Russian wheat exports were just under 3mmt in October, with Russian offers around $200/t.
Big Southern Hemisphere wheat crops are arriving (Australia around 30mmt, Argentina 22–24mmt), and USDA is expected to show a near-record US corn crop of around 410mmt.
Middle East and North African import demand is estimated down around 10mmt year on year.
USDA's report and the Russia/Ukraine/US peace talks in Abu Dhabi both fall on 10 November.
Outlook
Wheat and corn fundamentals are heavy, as reflected in recent trading. Black Sea disruption simply doesn't carry the same significance if the usual buyers won't buy.
USDA and the Ukraine talks, both on 10 November, certainly hold the potential for fireworks. In the meantime, trade positioning and geopolitical headwinds may dominate the run-up.
The full report, including the futures snapshot and Simon's view on demand, the corn crop and new-crop premiums, is on the GrainCo website.
This commentary is for general information only and is not advice to buy or sell. Prices are indicative and can move quickly.
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