Andrey Sizov
16.08.2024
On Thursday, grain prices declined. The December SRW wheat contract closed at $5.50/bushel ($202/mt; -1.1% compared to Wednesday). The December Euronext wheat contract fell to €216.00/mt ($237/mt; -1.6%). The December HRW wheat contract in Kansas closed at $5.53/bushel ($203/mt; -1.5%). The December U.S. corn contract decreased to $3.97/bushel ($156/mt; -0.9%).
The share of Argentine wheat in good to excellent condition fell to 84%, down from 94% the previous week and 88% a year ago, according to the Buenos Aires Grain Exchange. The condition declined amid dry weather over the past week. Exchange analysts note that predominantly dry conditions are expected to persist into the following week.
The International Grains Council lowered its global wheat production forecast by 2 mmt to 799 mmt, citing deteriorating crop prospects in France. The global ending stocks estimate was also reduced by 3 mmt to 266 mmt.
France has accelerated its wheat harvesting pace, according to FranceAgriMer. As of August 12, 98% of the wheat area had been harvested, compared to 95% at the same time last year and the five-year average.
SovEcon has lowered its forecast for Russian wheat production by 1.8 million metric tons (MMT) to 82.9 MMT. New forecast reflects Rosstat’s lower estimate of planted areas and a decrease in yields in several regions.
