SovEcon: Russian and global grain market news – February 28, 2024

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

On Tuesday, May SRW wheat contract closed at $5.84/bu ($215/mt; +1.7% compared to Monday). May French wheat rose to €200.75/mt ($218/mt; +1.1%). May corn ended at $4.23/bu ($167/mt; +0.5%).

China may have acquired a substantial volume of Ukrainian corn last week, news agencies report, quoting traders familiar with the situation. The shipment is expected in March/May.

Polish Prime Minister Donald Tusk has not ruled out a broader ban on Ukrainian grain imports if the European Union does not act to protect its markets. Currently, the import of Ukrainian grain into Poland is allowed only for transit to other European countries. Tusk’s statement came amid farmer protests in Warsaw, attended by about 10,000 people on Tuesday.

Soft wheat exports from the EU from the start of the season until February 22 totaled 20.5 MMT, down from 21.1 MMT for the same period last year, according to the European Commission.

Jordan has purchased 60 thousand metric tons (TMT) of hard milling wheat in an international tender, according to traders familiar with the situation. The grain may be sourced from Russia.

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