SovEcon: Russian and global grain market news – January 24, 2024

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

Wheat prices were stable on Tuesday. The March SRW wheat contract closed at $5.96/bu ($219/mt; unchanged from Monday). Euronext wheat quotes rose to €217.50/mt ($236/mt; +0.3%). American corn closed at $4.46/bu ($176/mt; +0.2%).

The rise in grain prices was curbed by a strengthening dollar index. On Tuesday, the DXY index closed at 103.6, up 0.3% from Monday.

As of January 20, 5% of Brazil’s second corn crop has been planted, reports Conab agency. This compares to 1% planted by the same date last year. The harvest of the first corn crop is 9% complete, ahead of last year’s 5%.

European Commissioner for Trade, Valdis Dombrovskis, stated that the European Commission is exploring ways to limit Ukrainian grain exports to Eastern European countries, without breaching trade liberalization agreements with Kyiv. Discussions on this matter have been held with agriculture ministers from Hungary and Poland.

Latvian Agriculture Minister Armands Krauze announced plans to discuss with EU agriculture ministers the prohibition of Russian agricultural products in the EU and the potential replacement with Ukrainian products. The announcement was made on January 23, ahead of the EU Council meeting on agriculture and fisheries in Brussels.

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