Andrey Sizov
27.08.2024
On Monday, most grain prices declined. The December SRW wheat contract closed at $5.25/bush ($193/mt; -0.6% compared to Friday). The December Euronext wheat contract fell to €205.25/mt ($229/mt; -1.7%). The December corn contract closed at $3.86/bush ($152/mt; -1.2%). The December HRW wheat contract in Kansas City rose to $5.37/bush ($197/mt; +0.4%).
The European monitoring agency MARS on Monday lowered its yield forecast for European corn to 7.0 mt/ha from 7.2 mt/ha a month earlier, citing hot weather in Southeastern Europe. The soft wheat yield estimate was also reduced to 5.7 mt/ha from 5.9 mt/ha last month.
Brazilian farmers have begun planting the first corn crop, according to consulting firm AgRural. By Monday, 4.2% of the total corn area had been planted.
The share of U.S. corn in good-to-excellent condition decreased to 65% last week from 67% the week prior and below market expectation of 66%. A year ago, 56% of the crop was rated good-to-excellent. The share of spring wheat rated good-to-excellent also dropped to 69% (from 73% a week earlier and 72% market estimate), but remains well above last year’s 37% rating.
