Andrey Sizov
30.08.2024
On Thursday, grain prices continued to rise. The December SRW wheat contract closed at $5.49/bu ($202/mt), up 1.3% from Wednesday. The December HRW wheat contract in Kansas City rose to $5.60/bu ($206/mt), up 0.9%. The December Euronext wheat contract closed at €215.75/mt ($239/mt), up 1.2%. The December corn contract in the U.S. rose to $3.96/bu ($156/mt), up 1.4%.
The European Commission lowered its estimate for EU soft wheat production by 4.7 million tons from the previous month to 116.1 million tons. The wheat export forecast was cut to 26.0 million tons (down 6.0 million tons from July’s estimate and 9.1 million tons lower than last year). The corn production estimate was reduced to 61.7 million tons (down 1.2 million tons from the previous month and 1.0 million tons from last year).
A state of emergency has been declared in Russia’s Omsk region due to heavy rains.
Argus estimates French wheat exports outside the EU at 4.1 million tons, compared to an average of 10.0 million tons over the past five years.
The share of Argentine wheat crops in good and excellent condition decreased to 84% from 85% the previous week but remains above last year’s level of 79%, according to a report from the Buenos Aires Grain Exchange.
Ukraine exported 3.0 million tons of grain from August 1 to 28, compared to 1.9 million tons in the same period last year, the Ministry of Agrarian Policy reported. Total shipments since the start of the season reached 6.8 million tons, up from 4.2 million tons a year ago.
