SovEcon: Russian and global grain market news – April 26, 2024

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

On Thursday, grain futures rose. The July SRW wheat contract closed at $6.20/bu ($228/mt; up 1.2% from Wednesday). The September Euronext wheat contract increased to €231.50/mt ($248/mt; up 1.3%). The July U.S. corn contract closed at $4.52/bu ($178/mt; up 0.8%).

U.S. Corn sales for the week ending April 18 reached 1.3 MMT, exceeding market estimates of 0.4-0.9 MMT. Major buyers included Mexico, South Korea, and Japan.

The condition of corn crop in Argentina continues to decline, with only 60% in good or excellent condition, down from 64% last week and 48% a year ago.

The European Commission lowered its forecast for EU wheat production for 2024/25 to 120.2 MMT, down from 120.8 MMT a month earlier.

The share of French wheat crop in good or excellent condition stands at 63%, down from 64% last week and 94% a year ago, according to FranceAgriMer.

Ukraine’s High Anti-Corruption Court ordered a 60-day pre-trial detention for the country’s Minister of Agrarian Policy, Mykola Solskyi, on charges of illegal appropriation of state property. The court set bail at 75.7 million hryvnias ($1.9 million). Solskyi submitted his resignation letter last night.

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