Andrey Sizov
28.08.2024
On Tuesday, grain prices rose. The December SRW wheat contract closed at $5.35/bush ($198/mt; +2.0% compared to Monday). The December HRW wheat contract in Kansas City increased to $5.47/bush ($201/mt; +1.7%). The December Euronext wheat contract closed at €208.75/mt ($233/mt; +1.7%). The December corn contract closed at $3.93/bush ($155/mt; +1.7%).
EU soft wheat exports from July 1 to August 23 totaled 3.9 million mt, down from 5.0 million mt a year earlier, according to European Commission data. The commission noted that export data from France for 2024 is incomplete.
The USDA reported the sale of 128,000 mt of corn to Mexico by exporters.
Corn planting area could decrease by 2 million hectares to 7.3 million hectares, a Rosario Exchange representative reported. He added that the freed-up land will be planted with soybeans. Last week, Buenos Aires Grain Exchange analysts reduced their forecast for harvested corn area in the new season to 6.3 million hectares due to unfavorable weather and pest impact.
Russian wheat prices (12.5% protein) have surged by 1,025 rub to 13,925 rub/mt ($154/mt) since the end of July. This marks the sharpest rise since May 2024. The increase in quotes is driven by rising demand and a weakening ruble.
