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.

More Articles for You

SovEcon: Russian and global grain market news – June 17, 2024

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

SovEcon: Russian and global grain market news – June 14, 2024

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

SovEcon: Russia may export record-high wheat volume in June

Russia actively exports wheat at the season’s end, but shipments may slow down in the long term.

SovEcon: Russian and global grain market news – June 13, 2024

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

SovEcon: Russian and global grain market news – June 11, 2024

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

SovEcon: Russian and global grain market news – June 10, 2024

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