SovEcon: Russian and global grain market news – April 10, 2024

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

On Tuesday, grain futures declined. The May SRW wheat contract closed at $5.58/bu ($205/mt; -1.4% compared to Monday). Euronext wheat prices fell to €201.00/mt ($218/mt; -1.3%). U.S. corn closed at $4.31/bu ($170/mt; -1.0%).

Expectations of favorable weather in the U.S. might have exerted pressure on the prices. The U.S. National Weather Service forecasts above-normal precipitation in most agricultural regions during the next two weeks.

South American agricultural expert Michael Cordonnier has lowered the corn production estimate by 2 MMT to 53 MMT, revising it due to crop diseases.

The European Parliament’s Committee on International Trade has approved a proposal to extend the trade liberalization with Ukraine for another year. A vote on the proposal at the European Parliament level is expected by the end of April.

Odesa region was under a missile attack overnight from Tuesday to Wednesday. According to local authorities, “critical and transport-logistical infrastructure objects” were damaged. More information about the attacks on Ukraine can be found in our Ad hoc commentary for Sizov.Report subscribers.

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