The U.S. Department of Agriculture's Foreign Agricultural Service issued its monthly Oilseeds and Grain: World Markets and Trade report on Tuesday, November 10, 2026. It forecasts that global export growth for soybeans and coarse grains during the 2026/2027 marketing campaign will moderate to 1.8 percent year-over-year. The deceleration is primarily driven by expanding domestic biofuel and renewable diesel crushing mandates across North and South America, which are absorbing an increasing share of national oilseed production. A senior agricultural economist with the USDA World Agricultural Outlook Board said renewable fuel legislation is creating incentives for major grain-producing nations to process feedstocks internally.
According to USDA statistical analyses, the proportion of domestic soybean oil allocated to renewable diesel refining in the United States and Brazil reached all-time highs during the preceding quarter. Despite a near-record global harvest in 2026, soymeal export volumes remained comparatively stable. The FAS analysis observed that elevated maritime transit insurance premiums along Black Sea corridors, coupled with localized dryness in parts of the southern hemisphere, have constrained exportable wheat surpluses. Major exporters' aggregate wheat stocks-to-use ratio is projected to maintain levels near historical multi-decade lows at the conclusion of 2026/2027.
Sovereign grain purchasing agencies in North Africa and the Middle East accelerated tender procurement in November to lock in physical delivery slots. The Food and Agriculture Organization and World Trade Organization issued a joint advisory appeal. The agencies warned that elevated maritime transit costs are generating import-driven inflationary pressures across lower-income nations in North Africa and Sub-Saharan Africa. Multilateral officials urged G20 agricultural exporters to refrain from export quotas or discretionary tariffs, recommending cooperative bilateral buffer stocks to mitigate localized shortages.
These food security recommendations will be submitted for formal review at the upcoming ministerial conference in Rome.
