Andrey Sizov
05.08.2024
On Friday, U.S. wheat prices rose. The December SRW wheat contract closed at $5.62/bushel ($207/mt; +1.0% compared to Thursday). HRW wheat in Kansas increased to $5.76/bushel ($212/mt; +1.0%). The September Euronext wheat contract closed at €226.00/mt ($247/mt; -0.3%). The September U.S. corn contract rose to $4.03/bushel ($159/mt; +1.2%).
Support for grain prices and pressure on European prices partially came from a weakening U.S. dollar. The U.S. dollar index fell to 103.2 on Friday (-1.1% compared to Thursday).
In the week ending July 30, the net short position in Chicago corn futures decreased by 23,000 contracts to 295,000. The net short position in Chicago wheat futures increased by 2,000 contracts to 78,000 contracts.
As of August 1, Ukrainian farmers had harvested 25.3 mmt of grain from 4.8 mln ha, with an average yield of 4.14 mt/ha, according to the Ministry of Agrarian Policy. Wheat accounted for 19.4 mmt from 4.5 mln ha with a yield of 4.35 mt/ha; barley accounted for 4.8 mmt from 1.3 mln ha with a yield of 3.72 mt/ha.
Ukraine’s grain exports as of July 31 amounted to 3.4 mmt, compared to 2.2 mmt a year earlier, according to the Ministry of Agrarian Policy. Wheat exports were 1.4 mmt (compared to 0.8 mmt), corn exports were 1.5 mmt (compared to 1.1 mmt), and barley exports were 0.5 mmt (compared to 0.3 mmt).
