At the end of January, Dubai hosted two high-impact gatherings that spoke to the same underlying reality: grain and pulses markets may look well supplied, but the real competitive edge is increasingly determined by execution, logistics, and demand geography. Miller Magazine was proud to serve as media partner to both events, and our February issue brings you reporting and analysis shaped directly by the discussions held on the ground.
On the grain side, the Russian Grain Exporters and Producers Union’s World Grain and Pulses Forum framed 2025/26 as a market with ample supply and tougher competition, where freight, routes, and contract performance have become central to competitiveness. That message is reinforced by S&P Global Energy’s Vivian Iroanya, who highlighted how Black Sea wheat prices have started 2026 on low footing and stayed trapped in a narrow range, with Platts’ Milling Wheat Marker moving within roughly a $6/mt band since September as currency swings, tight margins, and persistent freight and execution risk collide.
At the same time, the FoodAgro Meetup brought Ukrainian producers together with international partners and placed a clear spotlight on MENA’s growing influence over Black Sea flows. Speakers stressed that the region consistently imports more than 60 million tonnes of wheat each year, making it a battleground for exporters even when global demand looks flat.
The numbers discussed in Dubai underline why. Egypt is projected to lift wheat imports to a record 13.0 million tonnes in 2025/26, while Algeria’s imports are approaching 9.5 million tonnes, close to record levels, with supplier shares shifting in ways that keep the Black Sea corridor strategically relevant.
Put together, these two events tell a coherent story for 2026. Oversupply can cap rallies, but it does not remove risk. Instead, risk is being re-priced through logistics bottlenecks, route uncertainty, policy shocks, and fast-moving tender demand, especially across MENA.
The same dynamic is visible in pulses. At the Ukrainian-side event, Gaurav Jain of AgPulse Analytica argued that for Ukraine the challenge this season is increasingly about sales rather than production, pointing to a record pea crop and heavy overall supply.
In this February issue, we connect these threads across wheat, corn, and pulses: the tightening link between logistics and price formation; the structural importance of MENA demand; the shifting supplier map in Egypt and Algeria; and the operational implications for exporters, importers, processors, and risk managers working along the Black Sea–MENA corridor.
Wishing you an insightful and enjoyable read.