Russian Grain Markets: 20-24 April 2026 During the week in review, the Russian grains market remained volatile with a broadly bullish undertone. However, it remains too early to determine whether this shift is being driven by geopolitical factors or short-term positioning. The market continues to evolve toward a potential “perfect storm” scenario, combining geopolitical tensions, energy price and availability shocks, logistical bottlenecks, and unstable weather conditions, including spring frost risks across key producing regions. Domestic fundamentals remain structurally bearish, with elevated stock levels and a reduced number of exporters qualified to operate under export quota systems. This reduction in active exporters conti...