Andrey Sizov
22.08.2024
On Wednesday, wheat prices declined. The December SRW wheat contract closed at $5.44/bushel ($200/mt; -2.2% compared to Tuesday). The December HRW wheat contract in Kansas City closed at $5.52/bushel ($203/mt; -1.7%). The December Euronext wheat contract fell to €211.75/mt ($236/mt; -2.0%). The December corn contract remained at $3.98/bushel ($157/mt; +0.1%).
The harvest of Russian grains has passed the halfway mark, reported the Russian Ministry of Agriculture’s Telegram channel, citing Minister Oksana Lut. As of August 20, 78 million metric tons (mmt) of grain had been harvested, including 63 mmt of wheat.
From August 1 to 21, Ukraine exported 2.3 mmt of grain, up from 1.3 mmt a year earlier, according to data from the Ministry of Agrarian Policy. A total of 6.0 mmt has been shipped since the beginning of the season, compared to 3.6 mmt a year ago.
Canadian Prime Minister Justin Trudeau urged striking workers and the country’s two largest railway companies to reach an agreement. A new strike by unionized workers is currently scheduled for Thursday.
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.
