The day was opened by the Director General of Agricultural Production of the Government of Aragón, Carlos Calvo, and the vice‑president of ACCOE, Elia Castillo, who highlighted the strategic role of the grain trade for the Spanish agri‑food chain and the importance of having updated information in an environment of high uncertainty.
After the official opening, the day began with a presentation on negotiation in global markets, given by Ramon Martul, StoneX Group CEO for Europe, in which he emphasized the importance of preparation and collaborative approaches in an environment of high commercial complexity.
Regarding raw materials:
Soybean: tight balance in meal and attention on the Iberian Peninsula
In the first presentation, Jaume Arimany, Senior Manager Trading of Proteins at Bunge Ibérica, analyzed the soybean market from the global perspective to its impact on the Iberian Peninsula.
In the international market for soybeans and vegetable proteins, the increase in global stocks, the stabilization of global feed demand, and the decisive role of crushing stand out. This activity is maintained thanks to the value of oil and the balance between the price of the grain and that of its by‑products, largely supported by U.S. biofuel policies, which indirectly influence the European market.
In the case of Spain, he highlighted the importance of knowing both the real availability of meal throughout the peninsula and the current market references. For the Spanish animal feed industry, knowing how much product is available and under what conditions it can be purchased is essential to organize its supplies and guarantee supply.
Lastly, he stressed that the evolution of the weather in Brazil and Argentina, especially in the more sensitive southern areas, keeps the sector on alert in the face of a possible reduction in production that could affect international trade flows.
Corn, wheat, and barley: global abundance and a more constrained Spanish season
The second presentation, by José Luis Esteban, director of Olam Grains Spain and president of the Barcelona Grain Exchange, offered a detailed analysis of the global context with special emphasis on its implications for Spain.
For corn, he highlighted the record world production in 2025 (1.247 billion tons) and the increase in global stocks to 253 Mt. This scenario places the major exporters — the United States, Argentina, and Ukraine — with ample availability, while the evolution of demand in China, the U.S., and Brazil constitutes one of the main points of monitoring for European operators.
For wheat, he described an environment of high availability both in the 25/26 season and in 26/27, conditioned by the high levels of carry‑over stocks, considering also that, in the European Union, the margin to increase its use in animal feed is limited and depends on the differentials with other cereals, a relevant aspect for formulations in Spain.
Regarding barley, he indicated that international demand maintains activity in the old crop, while for the new season lower production and sustained demand are expected.
At the national level, one of the most relevant points was the forecast of a significant reduction in the Spanish 2026/27 harvest, after the second consecutive record season the previous year, due to a smaller sown area and recent adverse weather conditions, which will force the sector to pay special attention to supply planning and import flows.
A Spanish sector focused on planning and analysis
World grain markets are characterized by high availability and demand growth lower than supply growth, which reinforces a scenario of abundance. Weather evolution, the improvement of logistical conditions in some exporting countries, and the behavior of major importers will be decisive for the evolution of the global balance in the coming months. The high participation recorded in Zaragoza confirms that the Spanish grain sector continues to rely on technical analysis, anticipation, and coordination as key tools to face seasons increasingly marked by uncertainty and the need to ensure supply.
