Andrey Sizov
21.08.2024
On Tuesday, U.S. wheat prices rose. The December SRW wheat contract closed at $5.56/bushel ($204/mt; +0.8% compared to Monday). The December HRW wheat contract in Kansas City closed at $5.56/bushel ($204/mt; +0.9%). The December Euronext wheat contract remained at €216.00/mt ($240/mt; unchanged). The December corn contract fell to $3.98/bushel ($157/mt; -0.5%).
As of August 18, EU soft wheat exports for the 2024/25 season totaled 3.55 million metric tons (mmt), down from 4.53 mmt a year earlier, according to data from the European Commission. The data for France’s exports since the beginning of 2024 are incomplete. Excluding France, soft wheat exports for the 2024/25 season stand at 3.05 mmt, compared to 3.63 mmt in 2023/24.
Russia’s wheat harvest in 2024 may fall short of the Ministry of Agriculture’s projected 86 mmt, the head of the ministry, Oksana Lut, reported.
The area for harvesting Argentine corn in the 2024/25 season may decrease to 6.3 million hectares (mln ha) from 7.6 mln ha a year earlier, according to the Buenos Aires Grain Exchange. Analysts are concerned that the area could shrink due to unfavorable weather conditions and pests.
In the first two months of the new season, Russia is expected to export 8.2 million metric tons (MMT) of wheat, down from 9.8 MMT a year earlier, according to SovEcon. Russian wheat exports are anticipated to be lower YoY for the second consecutive month due to decreased exporter margins and relatively low demand for wheat.
