The UK’s status as a price taker in global grain markets means that the ongoing conflict in the Black Sea region is continuing to disproportionately impact grain values domestically. After what had been a two-year period of relative calm, recent disruption has seen the USDA export prospects from Russia downgraded by 1.5m tonnes and by 1m tonnes from Ukraine. As a consequence, prices have gained some ground, except in Russia itself which has experienced harvest pressures and logistical constraints.

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