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Although wheat prices have fallen from the peak earlier this year, global wheat prices remain elevated, reflective of both uncertainty in the market based on disrupted trade flows in the Black Sea region and the continued decline in the stocks of several major exporters.

In its fourth forecast for the 2022 crop, grain industry group COCERAL sees the total grain crop in the EU-27+UK at 287.9 million tons. This would be down significantly from the 309.8 million tons harvested in 2021.

Since the first vessel sailed under the Istanbul grain export deal on Aug. 1, more than 200 ships have carried over 4 million tons of agricultural products through the grain corridor.