SovEcon: Russian and global grain market news – April 8, 2024

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

On Friday, wheat futures increased. The May SRW wheat contract closed at $5.67/bu ($208/mt; +2.0% compared to Thursday). Euronext wheat prices rose to €203.00/mt ($220/mt; +1.5%). U.S. corn fell to $4.34/bu ($171/mt; -0.2%).

Wheat futures may have been supported by reports of shipping delays in Russian ports.

Two vessels loaded by TD “Rif” received phytosanitary certificates, according to Reuters, citing sources. The Russian Federal Service for Veterinary and Phytosanitary Surveillance confirmed issuing a certificate for one of the ships carrying wheat for the Egyptian company GASC. The vessel left the port on April 5.

The Buenos Aires Grain Exchange has lowered its corn production forecast for Argentina by 2.0 MMT to 52.0 MMT due to worsening crop conditions. According to exchange analysts, plant diseases have left 68% of crops in normal and excellent condition compared to the five-year average of 76%.

From April 1 to 5, Ukraine exported 1.2 MMT of grain, the country’s Ministry of Agrarian Policy reported. This compares to 0.5 MMT exported during the same period last year.

Over the weekend, Odesa region was subject to active shelling. A missile attack from Saturday night into Sunday damaged port infrastructure, while a drone attack from Sunday to Monday hit a logistics and transport facility.

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