SovEcon: Russian and global grain market news – February 21, 2024

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

Grain prices rebounded on Tuesday. The May SRW wheat contract closed at $5.79/bu ($213/mt; +3.6% compared to Friday). Euronext wheat prices surged to €199.25/mt ($215/mt; +2.3%). U.S. corn ended the day at $4.32/bu ($170/mt; +0.7%).

Grain prices increased amid weakening U.S. dollar and the absence of bearish news. The DXY index on Tuesday closed at 104.1 (-0.2% compared to Monday). The rebound may be short-lived, with prices likely to continue falling in the absence of new bullish stories.

The Sea Champion, attacked by Houthis on Monday while transporting corn from Argentina to Yemen, has arrived in the port of Aden, Reuters reports. Following Houthi attacks, the average number of ships passing through the Suez Canal daily has decreased by 65% compared to late November, journalists report citing IMF data.

Tensions at the Ukraine-Poland border have intensified as protesting farmers at the border checkpoint Medyka-Shehyni spilled grain being transported by rail from Ukraine to Germany. Ukraine’s Minister of Economy Yuliya Svyrydenko stated that Kyiv has informed the European Commission of the incident and awaits a robust response.

Navigation on the Paraná River in South America has been suspended after a vessel carrying a wheat cargo ran aground. The ship is located in Argentina, but the river also runs through Brazil and Paraguay.

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