SovEcon: Russian and global grain market news – January 23, 2024

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

Wheat quotations saw a modest increase on Monday. The March SRW wheat contract closed at $5.96/bu ($219/mt; +0.5% compared to Friday). Euronext wheat quotes dropped to €216.75/mt ($236/mt; -0.6%). American corn closed unchanged from Friday at $4.46/bu ($175/mt).

Shares of Archer Daniels Midland fell by 24% on Monday following the agricultural commodity trader’s suspension of its CFO and delay in publishing its quarterly earnings report amidst an accounting investigation. The American firm is among the world’s largest international sellers and processors of grain and oilseed.

China’s government official announced country’s intention to expand genetically modified soy and corn plantations, as the world’s largest grain importer aims to boost yield and food security. China imports over 100 mmt of grains and oilseeds annually.

Brazil’s 2023/24 corn production is expected to be 118.5 mmt, down from the previous estimate of 129.6 mmt, according to a report by consulting firm Cogo. The forecast reflects an 11% reduction in planting areas for the first corn crop and a 5% reduction for the second crop.

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