SovEcon: Russian and global grain market news – April 17, 2024

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

On Tuesday, U.S. wheat prices continued to decline. The May SRW wheat contract closed at $5.50/bu ($202/mt; -0.4% compared to Monday). French wheat prices on Euronext remained at €203.75/mt ($217/mt; unchanged from Monday). U.S. corn closed at $4.31/bu ($170/mt; -0.1%).

Agricultural organizations in Russian regions affected by floods are operating normally, stated Russian Agriculture Minister Dmitry Patrushev. According to the ministry, a state of emergency due to flooding is in effect in the Orenburg, Kurgan, Tyumen regions, and Altai Krai, while the Samara region is at risk.

In an international tender, Egyptian GASC purchased 120,000 mt of Ukrainian wheat at a price of $220-221/mt FOB with a 270-day payment deferral. All Russian suppliers offered wheat at a price of $235/mt FOB with a 270-day deferral.

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