Agri- Commodities: 16-20/02/26
Feb 23, 2026
Monday
With the US on holiday, MATIF wheat traded in narrow ranges on thin volume, while CBOT reopened lower as Friday’s negative tone carried over. Weekly US data releases are delayed by one day. According to IKAR, Russian 12.5% wheat FOB for March shipment rose slightly week on week.
Morocco expects its cereals harvest to nearly double after a very wet winter, though storms have congested major ports and left around 70 wheat vessels waiting. USDA’s Agricultural Outlook Forum (Feb 19–20) is set to outline the first major “US corn vs soy” narrative ahead of planting. China remains largely absent due to Lunar New Year holidays, while new US-mediated Russia-Ukraine talks in Geneva face low expectations ahead of the February 24 invasion anniversary.
Tuesday
Soybeans posted small gains, supported by expectations of further Chinese demand and strong US crush data, while corn and wheat corrected lower. Geneva talks between Ukraine, Russia, and the US ended day one without visible progress.
The European Commission updated EU export data, lifting soft wheat exports above last year’s level, partly due to a reclassification from durum. US export inspections showed solid corn demand and record January soybean crush from NOPA, reinforcing strength in domestic processing. Jordan passed on its latest wheat tender.
Wednesday
Markets were broadly firmer, led by US wheat as short covering accelerated amid geopolitical headlines and crop concerns. Soybeans faded intraday gains. Ukraine warned that ice crust damage could threaten winter crops following rapid temperature swings.
Ahead of the Agricultural Outlook Forum, analysts projected lower US corn acreage and higher soybean plantings for 2026. Oil prices jumped after US-Iran tensions intensified, while Russia-Ukraine talks in Geneva ended abruptly with key territorial disputes unresolved. Fed minutes showed policymakers divided, preferring to pause rate cuts for now.
Thursday
Wheat extended its rally, breaking above key technical levels as short covering continued. US futures led gains on weather concerns, and MATIF milling wheat moved out of its recent range on strong volume.
USDA’s Outlook Forum projected planted area broadly in line with expectations. Corn ending stocks are seen tightening in 26/27, while soybean and wheat stocks remain stable. The US drought monitor showed nearly half of winter wheat areas affected by drought, while wildfires in the southern Plains underscored rising weather risks.
Friday
Wheat posted a third consecutive strong gain, with funds reducing remaining short exposure. May MATIF reached a three-month high, while Chicago climbed to levels not seen in several months. Corn followed higher, while soybeans slipped on US tariff headlines.
FranceAgriMer reported French crop ratings still well above last year despite a weekly decline. US export sales showed steady corn demand and softer wheat sales. Argentina’s rains improved crop conditions. The US Supreme Court struck down Trump’s global tariffs, prompting a temporary 15% tariff response under Section 122 ahead of the March 31 Beijing summit.
Weekly Recaps
Freight
Freight Recap:
22/05/2026
May 22, 2026
The dry bulk market remained firm this week, but the strongest gains were concentrated in fewer routes and vessel classes. Panamax continued to lead the market, Capesize stayed elevated from a high base, Supramax held firm in selected Atlantic and Pacific pockets, while Handysize weakened in South America and Europe but remained supported in the Pacific.
Commodities
Agri- Commodities:
11-15/05/26 AGRI
May 18, 2026
Grain markets started the week sharply higher as tensions in the US-Iran conflict intensified ahead of the USDA WASDE report and the Trump-Xi meeting. US winter wheat ratings fell to the second lowest level for this week in 30 years, while wheat futures moved higher again overnight following the weaker-than-expected crop conditions report. Russian wheat export values also remained firm as markets focused on tightening global supply expectations.
Freight
Freight Recap:
15/05/2026
May 15, 2026
The dry bulk market stayed firm this week, but leadership shifted again. Panamax strengthened further and became the clearest bullish segment, while Capesize remained elevated. Supramax firmed selectively, led by South America and parts of the Pacific, while Handysize split more sharply between a weaker Atlantic and a firmer Pacific.
Commodities
Agri- Commodities:
04-08/05/26 AGRI
May 11, 2026
Ag markets started the week firmer as rising oil prices supported grains, with soymeal and Chicago wheat leading gains. Iran struck the UAE as the US escorted ships through the Strait of Hormuz, adding fresh geopolitical risk to commodity markets. Saudi Arabia bought 985k tons of wheat for June–August shipment, while Russian 12.5% protein wheat FOB values for early June rose to $238.5/t.
