Andrey Sizov
01.08.2024
On Wednesday, soft wheat prices rebounded after a decline. December SRW wheat futures closed at $5.52/bushel ($203/mt; +0.5% compared to Tuesday). September Euronext wheat futures rose to €227.75/mt ($246/mt; +2.1%). HRW wheat in Kansas closed at $5.66/bushel ($208/mt; -0.1%). September U.S. corn futures fell to $4.00/bushel ($157/mt; -1.3%).
In July, 3.4 mmt of grain and legumes were shipped from Ukraine, compared to 2.2 mmt a year earlier and 3.6 mmt in June, according to data from the Ministry of Agrarian Policy of Ukraine.
The Ukrainian Grain Traders Union (UGA) lowered its grain production forecast by 2.8 mmt to 71.8 mmt due to dry and hot weather. The corn harvest is estimated at 23.4 mmt, wheat at 19.8 mmt, and barley at 5.0 mmt.
The USDA reported the sale of 105 tmt of corn to unknown destinations.
Earlier this week, the National Association of Wheat Producers (AGPB) invited Agriculture Minister Marc Fesneau to meet with farmers to highlight wheat crop issues and attract government funding. According to AGPB representatives, the wheat harvest risks being the worst since 2016, requiring exceptional financial support measures for farmers.
Temperatures in the South American regions of Pampas and Patagonia have dropped below -10°C during the first half of the week, or 6-9°C below normal. Analysts at the Rosario Exchange believe that in Argentina, frosts combined with dry weather may negatively impact the wheat crop.
In July, India received 9% more rainfall during the monsoon rains, according to the India Meteorological Department (IMD). Abundant rainfall in July compensated for the lack of rainfall in the previous month, with total rainfall since the beginning of the monsoon season now 2% above average.
