SovEcon: Russian and global grain market news – January 25, 2024

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

On Wednesday, U.S. wheat prices saw a significant rise. The March SRW wheat contract closed at $6.11/bu ($224/mt; +2.4% compared to Tuesday). Euronext wheat quotes remained stable at €217.50/mt ($237/mt; unchanged). American corn closed at $4.52/bu ($178/mt; +1.3%).

The weakening of the dollar provided support to grain prices. On Wednesday, the DXY index closed at 103.2, down 0.4% from Tuesday.

Ukraine’s Ministry of Agriculture reported that from January 1 to 24, the country exported 3.7 mmt of grain, an increase from 3.0 mmt during the same period last year.

France is experiencing widespread farmer strikes,. The protests are driven by concerns over low wages and extensive government regulations. French Agriculture Minister Marc Fesneau has pledged to present solutions to the crisis by week’s end.

Oleg Kiper, Governor of the Odessa region, reported that the area was attacked by missiles and drones on Wednesday night.

SovEcon has increased its 2024 Russia’s wheat crop forecast by 0.9 million metric tons (MMT) to 92.2 MMT amid favorable weather. Read more in our weekly blog.

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