SovEcon: Russian and global grain market news – April 23, 2024

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

On Monday, U.S. grain futures continued to surge. The July SRW wheat contract closed at $5.87/bu ($216/mt; up 3.7% compared to Friday). The May Euronext wheat contract jumped to €215.50/mt ($230/mt; up 4.4%). The July U.S. corn contract closed at $4.50/bu ($177/mt; up 1.5%).

Grain prices were supported by escalating tensions in the Black Sea, strong U.S. sales, and declining crop quality in the U.S.

According to the USDA, for the week ending April 18, corn sales totaled 1.6 MMT, exceeding market expectations of 0.9-1.5 MMT.

The share of U.S. winter wheat in good to excellent condition fell by 5 percentage points to 50% over the week. Market participants forecasted the condition in the range of 52-55%.

Polish farmers have lifted the blockade at Yahodyn-Dorohusk, the largest border crossing between Poland and Ukraine.

On Monday night, the Odesa region was attacked by combat drones. According to local authorities, the attacks caused damage to “residential areas, shops, and other infrastructure.” Previously, Ukrainian officials reported that the attacks targeted port and industrial infrastructure.

Additional information on the attacks on Odesa and the current situation in Ukraine is available for Sizov.Report subscribers.

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