Andrey Sizov
06.12.2024
On Thursday, grain futures rose. March SRW wheat closed at $5.58/bu ($205/mt), up 1.8% from Wednesday. March HRW wheat in Kansas settled at $5.52/bu ($203/mt), also up 1.8%. March Euronext wheat closed at €227.25/mt ($241/mt), up 1.2%. March U.S. corn increased to $4.30/bu ($169/mt), up 0.5%.
U.S. grain prices were supported by a weakening dollar. On Thursday, the U.S. dollar index dropped to 105.7 (-0.6% from Wednesday).
For the week ending November 28, U.S. farmers sold 1.7 million mt of corn for delivery in the current season, exceeding market expectations of 0.8–1.5 million mt, according to USDA data.
Wheat harvesting in Argentina is 48.1% complete, up from 39.7% a week earlier, according to the Buenos Aires Grain Exchange. Analysts noted that wheat yields are exceeding expectations, which could lead to an upward revision of the current production estimate of 18.6 million mt.
Russian Deputy Prime Minister Dmitry Patrushev stated that winter crop conditions are “not very good.” He suggested that some areas might be replanted with spring crops next year.
