The EU will enter the new season with high grain reserves.

In brief: • EC estimates have been increased by 1.7 million tons compared to the previous forecast • Ukrainian exports are slowing down, Russia lowers export duties January was marked by strong geopolitical shocks and fluctuations in currency quotes. Overall, the period proved beneficial for the raw materials sector, but specifically for agricultural products, growth remained limited under the pressure of large global supply. Against this backdrop, the European Commission reviewed its estimates for grain stocks. Expectations for wheat stocks in the European Union (estimated as of June 30, 2026) have increased by 1.7 million tons to 13 million tons, while those of barley have decreased by 1.9 million tons to 4.2 million tons due to higher exports. Since the beginning of the current agricultural season, which started on July 1, 2025, up to January 23, the European Union member states have exported 12.38 million tons of wheat to third countries compared to 12.44 million tons during ...