Andrey Sizov
09.08.2024
On Thursday, U.S. grain prices continued to decline. The December SRW wheat contract closed at $5.61/bushel ($206/mt; -0.1% compared to Wednesday). HRW wheat in Kansas fell to $5.69/bushel ($209/mt; -0.6%). The September Euronext wheat contract rose to €226.50/mt ($247/mt; +0.9%). The September U.S. corn contract closed at $3.97/bushel ($156/mt; -0.9%).
The probability of a La Niña weather event occurring between September and November is 66%, according to the U.S. National Weather Service (NWS).
Ukraine may lose 10-15% of its late crop due to hot weather, Acting Minister of Agrarian Policy Taras Vysotskyi said on August 7.
Algeria’s OAIC purchased 600,000-700,000 mt of wheat at $251-252/mt (C&F) in an international tender, Reuters reported, citing traders. It is believed that a significant portion of the wheat will be sourced from Russia.
As of July 1, 2024, Russian wheat stocks reached 20.3 mmt, exceeding last year’s numbers by 21%, SovEcon said. The stocks hit a new record-high amid an early start of a harvesting campaign.
