SovEcon: Russian and global grain market news – April 25, 2024

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

On Wednesday, wheat futures were on the rise. The July SRW wheat contract closed at $6.13/bu ($225/mt; up 1.7% compared to Tuesday). The September Euronext wheat contract increased to €228.50/mt ($244/mt; up 2.5%). The July U.S. corn contract fell to $4.48/bu ($177/mt; down 0.9%).

Egypt’s wheat imports for 2024/25 could increase to 11.2 MMT (up 2% from last year), according to the USDA FAS attaché in Egypt. USDA analysts attribute the increase in imports to population growth and rising wheat consumption in the country.

From April 1 to April 24, Ukraine shipped 4.9 MMT of grains and pulses, compared to 2.8 MMT in the same period last year, according to the Ministry of Agrarian Policy.

The transit of Russian grain to EU countries through Lithuania spiked after the import ban was implemented in the Baltic States on March 18, reported the State Food and Veterinary Service (SFVS) of Lithuania. From January 1 to March 18, there were 184 grain consignments through the country, while from March 18 to April 16, the number rose to 317 consignments.

SovEcon estimates Russian wheat exports in April at a record-high 4.6 million metric tons (MMT), up from 4.4 MMT last year and 2.9 MMT on average. Russia is exporting wheat at a record pace due to its high competitiveness.

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