SovEcon: Russian and global grain market news – February 15, 2024

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

Grain prices fell on Wednesday. The March SRW wheat contract closed at $5.85/bu ($215/mt; -2.0% compared to Tuesday). Euronext wheat prices dropped to €207.50/mt ($223/mt; -0.7%). During trading, U.S. corn reached a new contract low of $4.22/bu and closed at $4.24/bu ($169/mt; -1.5%).

Prices were pressured by a higher U.S. dollar on Tuesday and favorable weather conditions in South America.

Analysts at the Rosario exchange reported that recent heavy rains in Argentina’s main agricultural regions have mitigated risks to soy and corn crops previously threatened by drought. Precipitation in the key agricultural Pampas region last week is estimated at 45-100 mm.

Star Bulk, a Greek shipping company, will suspend transits through the Red Sea after Houthi forces fired on two of its ships passing through the Suez Canal this week.

FranceAgriMer has increased its wheat stock estimates for the end of the 2023/24 season to 3.5 MMT from 3.44 MMT last month. The revision comes amid reduced wheat exports within the EU.

Ukraine exported 2.4 MMT of grain in the first two weeks of February, down from 2.7 MMT during the same period last year, as reported by the country’s Ministry of Agriculture on Wednesday.

Egypt’s GASC is holding a wheat tender on February 15 for wheat shipment, subject to payment by letter of credit within 180 days or 270 days.

SovEcon has raised its forecast for 2024 Russian wheat production by 1.4 MMT to 93.6 MMT amid favorable weather conditions.

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