SovEcon: Russian and global grain market news – January 22, 2024

Daily news and market insights from a leading firm focused on the Black Sea agricultural markets research

Friday afternoon saw an increase in grain quotes. The March SRW wheat contract closed at $5.93/bu ($218/mt; +1.3% WoW). Euronext wheat climbed to €218.00/mt ($238/mt; +0.5% WoW). American corn finished at $4.45/bu ($175/mt; +0.3% WoW).

Robust export sales from the U.S. supported the grain market. According to USDA data, wheat exports totaled 707 tmt for the week of January 5-11, exceeding the forecast range of 150-500 tmt. Corn exports reached 1.3 mmt, surpassing the 0.5-1.2 mmt estimate.

Wheat shipments through the Suez Canal in early January fell nearly 40% YoY, the WTO reported. This decline occurs amidst Houthi attacks in the Red Sea. The proportion of wheat shipments from the EU, Ukraine, and Russia to Asia and Africa via alternative routes rose to 42% by mid-January, up from 8% in the previous month.

Ukraine’s State Border Guard Service announced the resumption of all three border crossing points on January 20, following disruptions caused by farmers’ protests. The Romanian government took measures for a peaceful resolution of the protests, including compensating farmers and deferring loan payments, amounting to about €250m in agricultural support.

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