SovEcon: Russian and global grain market news – January 26, 2024

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

Grain prices were mostly flat on Thursday. The March SRW contract closed at $6.12/bu ($225/mt; +0.2% compared to Wednesday). March French wheat rose to €218.25/mt ($237/mt; +0.3%). The March corn contract stayed at $4.52/bu ($178/mt; -0.1%).

The Buenos Aires Grain Exchange (BAGE) raised its corn production forecast by 1.5 mmt to 56.5 mmt. Soy production estimates were also increased by 0.5 mmt to 52.5 mmt. The revisions are attributed to high moisture levels, with 87% of corn crops reported at optimal moisture as of January 25, compared to 51% last year.

Argentina has completed its wheat harvest, harvesting 15.1 mmt, according to BAGE. This figure aligns with the January forecast and is 2.7 mmt higher than last year’s harvest.

Adrian Pintea, Secretary of State at the Romanian Ministry of Agriculture, stated on Thursday that the system for transiting Ukrainian grain through Romania has been operating successfully. Since the introduction of import licenses for Ukrainian grain in the fall of 2023, there has been no retention of Ukrainian grain within Romanian borders.

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