SovEcon: Russian and global grain market news – January 31, 2024

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

U.S. grain prices rebounded on Tuesday. The March SRW contract closed at $6.05/bu ($222/mt; +2.0% compared to Monday). March French wheat remained steady at €213.75/mt ($232/mt; unchanged from Monday). U.S. corn rose to $4.48/bu ($176/mt; +1.7%).

Grain prices were supported by the forecast of dry weather in Argentina. Weather models predict dry conditions and temperatures 6-8°C above normal over the coming week. The market is not taking into account significant moisture reserves accumulated in the country over the past several weeks.

According to the Financial Times, citing sources familiar with the situation, grain exporters are pressuring carriers to change the terms of cargo transportation through the Suez Canal. A representative from Athens-based Allseas Marine stated that some ship charterers are requesting the exclusion of a clause that allows for route changes in case of security threats. Exporters fear that end consumers might refuse to pay for deliveries due to delays, as noted by a maritime lawyer quoted by the FT.

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