SovEcon: Russian and global grain market news – April 18, 2024

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

On Wednesday, U.S. wheat prices continued to decline. The May SRW wheat contract closed at $5.37/bu ($197/mt; -2.3% compared to Tuesday). French wheat prices on Euronext fell to €203.25/mt ($217/mt; -0.2%). U.S. corn closed at $4.30/bu ($169/mt; -0.2%).

The Ukrainian Ministry of Agrarian Policy has forecasted the total grain production for 2024 at 52.4 million metric tons (MMT). This includes an expected 19.2 MMT of wheat (down from 22.2 MMT the previous year), 26.7 MMT of corn (down from 30.5 MMT), and 4.9 MMT of barley (down from 5.7 MMT).

The Rosario Board of Trade may further reduce its estimate for Argentina’s corn crop due to plant diseases, a market analyst told Reuters. Last week, the exchange lowered its production estimate by 6.5 MMT to 50.5 MMT.

The U.S. Department of Agriculture’s office in Argentina estimated the country’s corn production at 51.0 MMT. In last week’s WASDE report, the USDA estimated Argentina’s corn production at 55.0 MMT.

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