Monday Market Briefing - 27th July 2026

Friday was a turbulent day opening higher before reported talks between Ukraine and Russia aimed at creating safe shipping lanes in the Black Sea halted the rally. We closed £5 lower but still up on the week. Both sides are actively hitting targets seeking to gain leverage in the imminent next round of peace talks. Talks are also expected to resume between the US and Iran. All this leaves the market in a difficult spot, if we were initially driven higher by traders covering short positions, now we will see if speculators have the appetite to be long at these prices. Expect a bumpy week with markets remaining supported for now.

Wheat harvesting is mostly finished in the south – we have a very high-quality crop but not as much of it as we hoped. Milling premiums took a dip when harvest started but have stabilised since. Spring barley is also now in full swing, it’s not the bold, plump sample we have been used to seeing in the last two years and there is some skinning evident, handle it as gently as you can, but most samples test ok and nitrogen levels are also broadly good if quite variable.

The long dry spell has led to some livestock farms dipping into winter feed stocks very early, another supportive factor for our domestic feed grains market which will surely be entirely domestic again this year. However, yields are expected to improve as harvest moves northwards possibly capping the upside.

Have a good week