Andrey Sizov
12.12.2024
On Wednesday, U.S. wheat prices edged higher. March SRW wheat closed at $5.63/bu ($207/mt), up 0.3% from Tuesday. March HRW wheat in Kansas rose to $5.67/bu ($208/mt), up 0.3%. March Euronext wheat closed at €230.75/mt ($242/mt), up 0.8%. March U.S. corn initially surged to its highest level since early October but later declined to $4.48/bu ($177/mt), down 0.2%.
The Rosario Grain Exchange raised its wheat production estimate for 2024/25 by 0.5 million mt to 19.3 million mt. The forecast was revised amid recent rains.
The probability of a La Niña weather event forming within the next three months stands at 55%, according to the World Meteorological Organization (WMO). However, analysts expect its impact to be brief and relatively moderate.
From December 1 to 11, Ukraine exported 0.7 million mt of grain compared to 1.5 million mt the previous month and 1.6 million mt a year ago. Since the start of the season, Ukraine has shipped 19.1 million mt of grain and pulses, up from 14.7 million mt last year.
SovEcon projects Russian wheat exports in December 2024 to range between 3.3 and 3.5 million metric tons (MMT), down from 4.1 MMT in November. The month-over-month drop of 17% in Russian wheat exports is attributed to reduced profitability.
