SovEcon: Russian and global grain market news – February 27, 2024

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

On Monday, U.S. grain futures rose. The May SRW wheat contract closed at $5.75/bu ($211/mt; +1.0% compared to Friday). May French wheat closed at €198.50/mt ($215/mt; -0.5%). May corn hit a new contract low of $4.08/bu during trading but closed at $4.21/bu ($166/mt; +1.9%).

Grain futures were supported by strong exports of U.S. corn. From February 16 to 22, the U.S. shipped 1.24 million metric tons (MMT) compared to a maximum estimate of 1.15 MMT, reported by the USDA.

Other significant bullish factors included funds covering short positions in the March contract and a weakening dollar. The U.S. dollar index closed at 103.8 on Monday (-0.2% compared to Friday).

Prices increased amid funds covering short positions in the March contract and a weakening dollar. The U.S. dollar index closed at 103.8 on Monday (-0.2% compared to Friday).

Ukraine’s President Volodymyr Zelenskiy expressed doubts on Monday that the country could ensure the safety of the grain corridor without U.S. assistance. He stated that if the U.S. Congress does not approve $60 billion in funding for Ukraine, there might not be enough resources to secure the corridor.

By the end of last week, Brazil had planted 73% of its second corn crop, reported by AgRural. This compares to 56% planted at the same time last year.

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