SovEcon: Russian and global grain market news – February 2, 2024

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

Wheat prices saw an increase on Thursday. The March SRW contract closed at $6.01/bu ($221/mt; +1.0% from Wednesday). March French wheat prices rose to €212.50/mt ($231/mt; +0.8%). U.S. corn closed at $4.47/bu ($176/mt; -0.2%).

A weakening dollar contributed to grain price growth. The DXY index closed at 103.05 on Thursday, down 0.2% from Wednesday.

Despite the ongoing hot and dry weather in Argentina providing some support, its impact on the market remains limited. The country’s corn crop conditions still exceed average levels. The Buenos Aires Grain Exchange reports that 89% of corn crops are in normal to excellent condition, compared to 68% last year and a five-year average of 84%.

Argentina’s grain exports in January soared to $1.52 billion, up 64% from the previous year, as reported by the Argentine Oilseed Industry Chamber (CIARA) and the Grain Exporters Center (CEC). The surge in exports is linked to the economic policies of the new president, Javier Milei.

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