Monday Market Briefing - 7th September 2026

A volatile week finished £3 below the previous Fridays close as US negotiators met with Putin in Moscow. A partial ceasefire is in place for long enough to allow the US team to travel safely on to Kiev. The talks with Russia appear to have centred mostly on the lucrative commercial and economic deals America wants to sign with them when hostilities end. Some ceding of territory by Ukraine will be necessary to make that happen and as yet there is no sign of that being on the table.

Markets are obviously aware we are trading at levels well above peacetime normalities. Saudi bought barley from non Black Sea origins last week, the problem with that is it might create a glut of Black Sea grain in the second half of the campaign if peace does break out.  UK farmers picked up the selling pace last week, including a lot of interest in the 2027 crop prices. That crop carries a war premium it may not warrant and that is particularly true in the UK where farms coming out of stewardship schemes are likely to contribute to an expansion in the wheat area.  

Soft wheat and lower protein hard wheats are in demand in the short term as Millers start to run new crop grists. Feed wheat also is sought after. This might be a good time to get involved if you have pre-Christmas trades to make.

Have a good week