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

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

On Wednesday, wheat prices fell. The September SRW wheat contract closed at $5.61/bushel ($206/ton; -1.9% compared to Tuesday). The September Euronext wheat contract decreased to €220.75/ton ($239/ton; -2.3%). The September U.S. corn contract rose to $3.96/bushel ($156/ton; +0.4%).

As of July 10, more than 6 million tons of grain had been harvested in the Rostov region with an average yield of 3.45 tons/hectare, according to the region’s Governor, Vasily Golubev.

As of July 8, 1.1 million tons of grain had been harvested in the Odesa region from 0.3 million hectares with an average yield of 3.52 tons/hectare, according to the regional agricultural policy department. Of this, about 0.5 million tons were winter wheat.

As of July 10, Ukraine had exported 1.1 million tons of grain compared to 0.7 million tons the previous year, according to the country’s Ministry of Agrarian Policy. Wheat shipments totaled 0.3 million tons (compared to 0.2 million tons a year earlier), corn – 0.7 million tons (0.4 million tons), and barley – 0.13 million tons (0.07 million tons).

The farmers’ association Copa-Cogeca estimated European soft wheat production at 117.5 million tons, down from 125.5 million tons a year earlier. This is the lowest level since 2018.

SovEcon is hosting a webinar on Black Sea grain market in 2024/25. Join us today at 10:30AM US Eastern / 4:30PM Central European / 5:30PM Moscow. Check out our website to find out more

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