SovEcon: Russian and global grain market news – February 13, 2024

Daily news and market insights from a leading firm focused on the Black Sea grain markets research

On Monday, U.S. grain prices were flat. The March SRW wheat contract closed at $5.97/bu ($219/mt; +0.1% compared to Friday). Euronext wheat prices fell to €208.50/mt ($225/mt; -0.5%). U.S. corn rose to $4.30/bu ($169/mt; +0.3%).

The Russian Agriculture Ministry (AgMin) has suggested a 4 MMT increase in the grain export quota. According to a draft decree to be introduced on Thursday, the quota for wheat, corn, barley, and rye, without distinction between crops, will be increased to 28 MMT.

Local agricultural producers report the commencement of spring grain sowing in Ukraine’s southern regions. Mykola Solskyi, Ukraine’s Minister of Agriculture, indicated that the sowing area for spring grains in 2024 is anticipated to stay at the previous year’s level of 5.7 mln ha.

In response to extensive protests by Polish farmers, Deputy Minister of Agriculture Michał Kołodziejczak announced on Monday plans to implement quality checks for every batch of Ukrainian grain. The minister pointed to the problem of Ukrainian grain passing through Poland to other EU countries without meeting quality standards, only to return to Poland as European grain.

Kyiv has called on Warsaw to “hold accountable” Polish farmers responsible for halting three trucks at the border crossing between Poland and Ukraine and spilling the Ukrainian grain they carried. The incident, which took place on Sunday near the Yahodyn-Dorohusk checkpoint, was reported by the Polish news agency PAP. Ukraine’s Minister of Agriculture, Dmytro Kuleba, stated that investigating the incident is crucial for sustaining amicable Ukrainian-Polish relations.

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