Disruptions in grain supplies from the Black Sea region and hot weather, which worsened harvest forecasts in a number of countries, led to a 2.2% increase in global grain prices in August compared to July. Prices reached their highest level since May 2024, according to the monthly review by the FAO (Food and Agriculture Organization of the United Nations).
According to the report, international prices for all major grain crops rose in August. “This was driven by strong demand resulting from deteriorating harvest prospects in key producing regions due to adverse weather conditions, as well as ongoing uncertainty regarding exports from the Black Sea region,” the report states.
Global wheat prices rose by 2.6% in August compared to July, with a year-over-year increase of 15%. Among the reasons, FAO experts also cite “protracted disruptions to exports from the Black Sea region, downward revisions to production forecasts in some European regions experiencing hot and dry weather, and the weakening of the U.S. dollar, which has made export shipments more competitive.”
Corn prices rose by 2.5% compared to July, driven by growing concerns about harvest prospects in some regions of the U.S. Corn Belt and worsening production forecasts in the EU. At the same time, demand from ethanol producers and the animal feed industry remains high.
“Fears regarding food supply following the closure of the Strait of Hormuz provided additional support to corn prices,” the review notes.
Global prices for sorghum and barley rose by 3.9% and 2.6%, respectively, in August compared with July, “which generally reflects a more stable situation in the feed grain markets,” the review states.
Rice prices rose by 0.5% in August. “The rise in prices for Indian rice varieties was driven by factors such as exchange rate fluctuations, purchases by Asian and African countries, and an expected reduction in supplies,” the report states.
The price of food-grade wheat in Ukraine fell by $10 over the week—to $185 per metric ton on a CPT Odessa basis—while feed-grade wheat also dropped by $10, to $175 per metric ton, according to a weekly market review by the brokerage firm Spike Brokers.
“The global grain market ended the week with a further rise, but this trend did not carry over to Ukrainian basis prices,” the review noted.
Wheat exports from Ukraine during August 1–27 fell by half (-49.8%) compared to the same period last month—to 486,600 metric tons from 969,400 metric tons. The main destinations were Bangladesh—251,000 metric tons, Indonesia—243,500 metric tons, and Algeria—226,300 metric tons. These three countries accounted for about 74% of total exports of this product. Saudi Arabia and Yemen followed in terms of volume, with approximately 54,500 metric tons each.
The price of corn on a CPT Odessa basis fell by $5 to $185 per metric ton, while on an FCA Chop basis, it rose by $5 to $225 per metric ton.
Corn exports from August 1–27 totaled 190.7 thousand metric tons, which is 84.3% less than during the same period in July.
According to Spike Brokers, trading in next year’s corn crop is already active along the western border. During the week, October–December quotes on an FCA Zahony–Chop–Batyovo basis ranged from EUR188 to EUR191 per metric ton.
Brokers note that this trade route faces physical constraints on both sides of the border, particularly due to transshipment capacity in Ukraine and the EU, the availability of rail logistics, and the fleet of Euro-standard railcars.
Agricultural holding company IMC reported $34.28 million in net profit for the first half of 2026, down 33% from the first half of 2025, according to the company’s report filed with the Warsaw Stock Exchange on Thursday.
“The decline in normalized EBITDA and net profit … was driven by lower corn and sunflower prices compared to the same period last year—in contrast to the sharp price increases in the first half of 2025—as well as rising logistics costs and the depreciation of the hryvnia,” the document states.
According to the report, EBITDA fell by 22% to $50.23 million.
The company’s consolidated revenue in the first half of 2026 rose by 6% to $88.88 million. Corn sales accounted for the largest share—98.1% compared to 97.8% in the first half of last year.
It is noted that the company’s cost of goods sold rose from $66.4 million in January–June 2025 to $79.9 million in January–June 2026.
IMK added that over the six-month period, the Ukrainian hryvnia depreciated by 5.5% against the U.S. dollar, whereas in the first half of last year it depreciated by only 1.0%; consequently, the company recognized a net loss from foreign exchange differences of $2.11 million.
Net cash flow from operating activities decreased to $12.0 million from $15.0 million in January–June 2025, primarily due to lower prices for agricultural products and higher operating expenses.
According to the report, IMC’s net cash outflow from investing activities decreased to $8.2 million in the first half of 2026 from $10.5 million in the first half of 2025, in line with the group’s capital expenditure program.
IMK Agroholding is an integrated group of companies operating in the Sumy, Poltava, and Chernihiv regions (northern and central Ukraine) in the crop production, grain elevators, and warehousing segments. Its land bank totals 115,000 hectares, storage capacity stands at 554,000 metric tons, and grain and oilseed production in 2025 reached 838,000 metric tons.
IMK’s net profit in 2025 rose by 24% to $67.5 million, while consolidated revenue fell by 10% to $190.5 million.
Wheat trade in Ukraine remains sluggish, while the corn market continues to see some activity, primarily along the western border, consulting firm Barva Invest reported on its Telegram channel.
According to the firm, prices for Ukrainian wheat with an 11.5% protein content on a DAP-Danube basis stand at $166–168 per metric ton.
“An imbalance between supply and demand persists in the Ukrainian wheat market. A shortage of EU quotas, logistics at the western border booked months in advance, and the absence of panic among importers are holding back trading activity and putting downward pressure on prices,” the report states.
Quotes for Ukrainian corn on a DAP Izov basis stand at $173 per metric ton.
“The Ukrainian corn market is in the off-season and awaiting the resumption of deep-water exports. Some activity continues along the western border for both the old crop and forward contracts,” analysts note.
Prices for food and feed wheat in Ukraine remained unchanged over the week—$195 and $185 per metric ton, respectively, on a CPT Odessa basis, according to the brokerage firm Spike Brokers.
“Ukrainian wheat exports in August are estimated at 500,000 metric tons, compared to the usual 2 million metric tons for this month. Russian wheat exports in August are expected to reach 2 million metric tons, compared to 4.5 million metric tons last year. The flow of Ukrainian wheat to Constanta has begun to increase but remains limited for now. Efforts are being made to compensate for the shortage of Ukrainian wheat on the global market through other exporters,” the report states.
The price of corn also remained unchanged at $190 per metric ton on a CPT Odessa basis and $220 per metric ton on an FCA Chop basis.
According to brokers, the price of sunflower seeds also remained unchanged at $440 per metric ton (including VAT) on a CPT mill basis.
At the same time, rapeseed prices at the western border rose by $5—to $550 per metric ton on an FCA Chop basis. The price of rapeseed on a CPT port basis was $500 per metric ton, and on a CPT mill basis—$485 per metric ton.
Soybean prices also remained unchanged: GMO soybeans were priced at $420 per metric ton on a CPT port basis, $435 on an FCA Chop basis, and $425 on a CPT plant basis, while non-GMO soybeans were priced at $440 per metric ton on a CPT port basis and $470 on an FCA Chop basis.
According to Spike Brokers, global corn prices rose over the week, but Ukrainian prices remained unchanged due to physical export constraints. At the same time, the highest premium in the soybean market remains in the non-GMO segment along the western border.
As of August 14, 2026, Ukraine had exported 3.093 million metric tons of grains and legumes since the start of the 2026/27 marketing year (MY, July–June), which is 9.8% more than the 2.818 million metric tons exported by the same date last year.
According to the Ministry of Agrarian Policy and Food, citing data from the State Customs Service, total exports of grains, legumes, and flour reached 3.097 million metric tons, compared to 2.826 million metric tons on the same date a year ago.
By crop type, wheat exports fell by 14.9%—to 1.291 million metric tons from 1.517 million metric tons, respectively; barley exports fell by 26.8%, to 339,000 metric tons from 463,000 metric tons, while corn exports rose by 69.6%—to 1.403 million metric tons from 827,000 metric tons a year earlier.
As was the case last year, no rye was exported.
In addition, wheat flour exports since the start of the 2026/27 marketing year have decreased by 48.3%, totaling 3,000 metric tons compared to 5,800 metric tons as of the same date last marketing year.
In total, as of August 14, Ukraine had exported 348,000 metric tons of grains and legumes, including 219,000 metric tons of wheat, 40,000 metric tons of barley, and 89,000 metric tons of corn.
