SovEcon: Russian and global grain market news – April 19, 2024

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

On Thursday, U.S. grain prices remained in the red. The May SRW wheat contract closed at $5.37/bu ($197/mt; -0.1% compared to Wednesday). French wheat prices on Euronext rose to €205.75/mt ($219/mt; +1.2%). U.S. corn fell to $4.27/bu ($168/mt; -0.8%).

The International Grains Council (IGC) lowered its estimate for corn carryover stocks in 2023/24 by 5.0 MMT to 289.0 MMT, revising the figures due to drought and diseases affecting crops in the Southern Hemisphere. Wheat carryover stocks were also reduced by 3.0 MMT to 264.0 MMT due to a higher consumption forecast.

The U.S. Environmental Protection Agency (EPA) may lift restrictions on the sale of E15 ethanol-based fuel from June 1 to September 15, Reuters reported, citing sources. An official announcement could be made as early as this Friday.

Sowing areas for wheat in Argentina for the 2024/25 season may decrease to 5.9 million hectares, down 6.9% compared to 5-year average, according to the Buenos Aires Grain Exchange. Analysts attribute the reduction to weather conditions.

The Western Australian Grains Industry Association, a key agricultural state in the country, estimates wheat sowing areas in 2024 at 8.6 million hectares compared to 8.5 million hectares the previous year.

FranceAgriMer has lowered its forecast for French soft wheat exports outside the EU by 0.2 MMT to 10.0 MMT.

The Rosario Board of Trade estimates losses from Argentine corn crop diseases at $1.3 billion.

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