SovEcon: Russian and global grain market news – February 19, 2024

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

On Friday, wheat prices continued to decline. The May SRW wheat contract closed at $5.59/bu ($205/mt; -1.5% compared to Thursday). Euronext wheat prices dropped to €198.25/mt ($214/mt; -0.8%). U.S. corn stayed at $4.29/bu ($169/mt; -0.1%).

Wheat prices remained under pressure due to the first estimates of the U.S. crop and ending stocks for the 2024/25 season.

The Ukrainian Ministry of Agrarian Policy estimates the loss of winter wheat crop at 1-2%. The ministry also reported about 5% of winter barley were lost.

As of February 15, Ukrainian farmers have harvested 91% of corn planting areas, gathering 28.7 MMT of grain, as reported by the country’s Ministry of Agrarian Policy.

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