SovEcon: Russian and global grain market news – February 29, 2024

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

On Wednesday, May SRW wheat contract closed at $5.75/bu ($211/mt; -1.6% compared to Tuesday). May French wheat dropped to €197.25/mt ($214/mt; -1.7%). May corn rose to $4.28/bu ($169/mt; +1.2%).

Rosstat has updated the grain harvest figures for Russia in 2023, increasing the grain production figure by 2.3 MMT to 144.9 MMT (down from 157.6 MMT the previous year). This adjustment was primarily for corn, with its production figure raised by 2.2 MMT to 16.6 MMT (up from 15.8 MMT in 2022). Wheat crop amounted to 92.8 MMT (down from 104.2 MMT in 2022).

From February 1 to 28, Ukraine exported 5.3 MMT of grain, according to the Ministry of Agrarian Policy. This is an increase from the 4.7 MMT shipped in the same period last year.

Since the launch of the Ukrainian grain corridor up to February 28, 27 MMT of cargo has been transported, says Ukraine’s Deputy Prime Minister for Restoration, Oleksandr Kubrakov. He mentioned that 70% of these shipments were agricultural products.

The governments of Poland and Ukraine are discussing a temporary closure of their border to Ukrainian goods in order to stabilize the Polish market.

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