SovEcon: Russian and global grain market news – February 7, 2024

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

Wheat prices rose on Tuesday. The March SRW wheat contract closed at $5.95/bu ($219/mt; -0.8% compared to Monday). March Euronext wheat prices increased to €211.00/mt ($227/mt; +0.5%). U.S. corn declined to $4.39/bu ($174/mt; -0.9%).$174/mt; -0.9%).

Corn prices remained under pressure due to weather conditions in Argentina. Weather models forecast cooling and heavy rains in the latter half of the week.

As of February 3, Brazil’s safrinha corn was 20% planted, according to Conab. This compares to 11% planted by the same date last year. Planting is actively progressing due to the absence of significant rainfall.

The European Commission has made concessions to farmers by removing almost all mentions of agricultural organizations from its plan to reduce greenhouse gas emissions by 2040.

Bulgarian National Television reports that Bulgarian farmers have joined the pan-European protests. According to reporters, farmers have blocked major transportation hubs in several regions, demanding a halt to the import of Ukrainian grain.

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