SovEcon: Russian and global grain market news – April 4, 2024

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

On Wednesday, U.S. grain futures rose. The May SRW wheat contract closed at $5.56/bu ($204/mt; +2.0% from Tuesday). French wheat quotes dropped to €201.25/mt ($218/mt; -0.2%). U.S. corn finished at $4.32/bu ($170/mt; +1.2%).

The rise in futures was supported by a weakening U.S. dollar. On Wednesday, the DXY index closed at 104.2 (-0.5% from Tuesday).

The net short position of investment funds in Euronext wheat for the week ending March 29 decreased by 11,000 contracts to 77,000.

Several grain-carrying vessels owned by the company Aston are unable to leave Russian ports, Reuters reports, citing sources. According to those familiar with the situation, the ships remain in ports as they have not received phytosanitary certificates from Rosselkhoznadzor.

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