Andrey Sizov
02.04.2024
On Monday, grain futures declined. The May SRW wheat contract closed at $5.57/bu ($205/mt; -0.5% compared to Friday). U.S. corn closed at $4.34/bu ($171/mt; -1.8%). Trading on the Matif exchange did not occur due to Easter holidays.
The strengthening of the U.S. dollar exerted pressure on the prices. The DXY index closed at a peak since November at 104.9 (+0.4% compared to Friday).
U.S. export sales last week exceeded expectations, according to the USDA. Wheat shipments were 499 TMT against an estimate of 275-425 TMT; corn was 1.43 MMT versus an estimate of 800-1,380 TMT.
56% of U.S. winter wheat crops are in good/excellent condition, reports the USDA. In contrast, only 28% of the crops were rated in good/excellent condition at the same time last year due to drought conditions.
According to Ukraine’s Ministry of Agrarian Policy, the country’s grain exports in March totaled 5.2 MMT, 10% lower than in February.
StoneX has lowered its forecast for Brazil’s safrinha corn production by 0.2 MMT to 96.1 MMT.
The Saudi company GFSA purchased 795 TMT of wheat in a tender. A portion of the grain will be supplied from Black Sea countries.
