SovEcon: Russian and global grain market news – April 5, 2024

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

On Thursday, U.S. wheat futures were stable. The May SRW wheat contract closed at $5.56/bu ($204/mt; unchanged from Wednesday). French wheat Euronext quotes dropped to €200.00/mt ($217/mt; -0.6%). U.S. corn rose to $4.35/bu ($171/mt; +0.8%).

Two vessels carrying wheat to Egypt were held up in Russian ports, Bloomberg reported, citing the Egyptian Supply Minister Ali El-Moselhy. Journalists, citing sources, note that the ships belong to Grainflower DMCC, a partner of TD “Rif”.

The condition of French wheat deteriorated last week, according to FranceAgriMer. The share of crops in good and excellent condition dropped to 65% from 66% the previous week and 93% last year.

Aston Trading Company has issued a statement announcing that its export program is being implemented according to the declared plans and timelines. The company also clarified that Aston adheres to the requirements set by Rosselkhoznadzor and complies with the regulator’s requirements. Earlier, Reuters reported, citing sources, that several Aston’s vessels could not leave the ports due to the absence of phytosanitary certificates from Rosselkhoznadzor.

Ilya Kosykh, the owner of the exporter “Dostavka Morem” has acquired a 25% stake in the grain terminal complex “Taman” reported Kommersant, citing sources and documents. According to a source familiar with the situation, Kosykh may have acquired the share previously owned by the international trader Viterra.

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