Tuesday Market Briefing - 27th October 2026

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There appears to have been a big shift in the combatants negotiating positions ahead of November peace talks between Russia and Ukraine. Markets seized on comments by Ukraine that they might concede territory in exchange for future safeguarding guarantees. No doubt the devil will be in the detail, but it was enough to send old crop £8 lower as traders start to ditch war premium. New crop faired slightly better, only dipping £4.75 on the week.

Apart from this action on the exchanges , physical trade continues to be very quiet, most pre-Christmas positions are full as the domestic market struggles to absorb the tonnes already in merchant’s hands and needing movement. Technically, wheat looks a little oversold after recent dips but it’s hard to see what stops the momentum for now, expect another wobbly week ahead. Jan-June positions in contrast are active with plenty of scope to book deals at useful carries.

Have a good week.