KANSAS CITY, MISSOURI - Strong export demand pushed corn and barley prices higher in February 2026, as reported Feb. 19 by the International Grains Council (IGC), highlighting rising U.S. shipments, Black Sea buying, and weather concerns in Argentina that are tightening global supply. The developments matter for U.S. producers and agribusinesses because export flows, freight costs and global competition are directly shaping farmgate prices and forward marketing opportunities.

Global coarse grain markets firmed over the past month, with maize gaining roughly 1% compared to January levels, according to the IGC Grain Market Report. The increase was driven primarily by stronger export quotations from the United States and Ukraine, reinforcing the U.S. role as a critical supplier in the global agricultural supply chain.

The Council noted that U.S. corn futures rose modestly, supported by sustained overseas demand and unfavorable cropping weather in Argentina, a key Southern Hemisphere competitor. Export data proved especially supportive: weekly U.S. corn sales reached their largest tally in nearly five years, increasing by 4 million tonnes in the week ended Jan. 15.

At the Gulf, fob prices climbed $9 to $218 per tonne, reflecting stronger export premiums and elevated barge freight costs. Icy conditions across parts of the Midwest river system complicated navigation, increasing logistics expenses and tightening basis levels. For U.S. farmers, these transportation constraints highlight the ongoing vulnerability of grain movement infrastructure - a recurring issue in farm bill discussions tied to rural investment and supply chain resilience.

In Brazil, prices ticked slightly higher on firmer CME futures, though trading activity remained seasonally quiet. In Argentina, localized production uncertainties persisted, yet Up River export values eased as traders sought to stimulate demand ahead of the next harvest.

Ukraine's corn fob values held firm around $222 per tonne, supported by renewed buying interest from Turkey and EU destinations such as Italy and Spain. However, logistical bottlenecks and growing port line-ups remain a defining feature of Black Sea trade flows, adding volatility to global grain markets.

France also emerged as a significant factor. FranceAgriMer projected maize exports of nearly 5.2 million tonnes for the 2025-26 season, following a 50% increase to 2.6 million tonnes in the first half of the marketing year. Most shipments are bound for European markets, reinforcing intra-EU grain trade as a stabilizing force amid global volatility.

Barley markets posted even stronger gains, rising 4% month over month across major origins. EU export quotations from Rouen increased $6 to $241 per tonne, supported by robust demand from Saudi Arabia. FranceAgriMer raised its forecast for French barley exports by 200,000 tonnes, projecting 6.25 million tonnes for 2025-26, with 3.7 million tonnes destined for non-EU buyers.

China remains the top destination for French barley at 900,000 tonnes, although purchases have paused since October. Saudi Arabia follows with 700,000 tonnes, underscoring Middle Eastern feed demand as a stabilizing driver of global barley trade.

Australia posted some of the sharpest barley gains, rising $21 to $251 per tonne fob Kwinana, reflecting sizeable purchases by China and solid domestic feed uptake. Argentina's barley values also strengthened, increasing $7 to $229 per tonne, as Near East Asian buyers secured volumes amid slowing farmer sales.

Sorghum markets mirrored the corn rally. U.S. Gulf sorghum export prices rose $12 to $223 per tonne, underpinned by gains in U.S. maize futures and strong Chinese demand. In Australia, currency movements pushed dollar-denominated sorghum prices higher to $302 per tonne, despite ample domestic supplies.

Oats markets strengthened markedly, driven by futures-led activity and firm Asian demand. The nearby March U.S. oats contract climbed 12% month over month, reflecting technical momentum and tightening export interest.

For U.S. agriculture professionals, the February grain rally underscores the importance of export competitiveness, logistics efficiency, and global weather risks in shaping commodity prices. With input costs still elevated and margins closely tied to basis levels, freight dynamics and export sales data, producers, co-ops and grain merchandisers will continue monitoring Black Sea trade flows, South American crop conditions and USDA reports as planting decisions and crop insurance strategies take shape for the 2026 season.