Oct 29, 2026 · 5 min · 5 segments
Continued pressure on wheat, Russia’s reopening of Sea of Azov grain movements, active import demand, heavy matiff fund liquidation, the Federal Reserve’s latest decision, and expectations for today’s…
Mark MillerupHost
Wheat took another hit on Wednesday with the nearby Chicago contract extending its decline to 9 losses in 10 sessions after Russia allowed grain vessels to leave the Sea of Azov.
Matif also closed lower but recovered well from its intraday low while corn finally bounced from oversold levels.
The key question is whether the market has overreacted to improving Russian logistics as the Azov clearances are temporary Black Sea security remains poor and new Arctic capacity remains small compared with Russia's normal export program, Russia authorized grain vessels to leave Sea of Azov ports for the first time since July 10th, with Kerch Strait permits valid through November 15 and some vessels expected to receive naval escorts.
The development is more significant as evidence that Russia is exploring alternatives than as meaningful new export capacity.
Wheat took another hit on Wednesday with the nearby Chicago contract extending its decline to 9 losses in 10 sessions after Russia allowed grain vessels to leave the Sea of Azov.
Matif also closed lower but recovered well from its intraday low while corn finally bounced from oversold levels.
The key question is whether the market has overreacted to improving Russian logistics as the Azov clearances are temporary Black Sea security remains poor and new Arctic capacity remains small compared with Russia's normal export program, Russia authorized grain vessels to leave Sea of Azov ports for the first time since July 10th, with Kerch Strait permits valid through November 15 and some vessels expected to receive naval escorts.
The development is more significant as evidence that Russia is exploring alternatives than as meaningful new export capacity.
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