Andrey Sizov
12.07.2024
On Thursday, grain prices rose. The September SRW wheat contract closed at $5.71/bushel ($210/ton; +1.7% compared to Wednesday). The September Euronext wheat contract increased to €223.25/ton ($243/ton; +1.1%). The September U.S. corn contract closed at $4.00/bushel ($158/ton; +1.2%).
The grain harvest in the Rostov region is expected to decrease to 10 million tons in 2024 from 16 million tons the previous year due to weather anomalies, stated the region’s Deputy Governor Igor Guskov. He estimated the area of crop loss at 49,000 hectares.
The Rosario Board of Trade lowered its forecast for Argentina’s wheat production to 20.5 million tons from 21.0 million tons. Analysts attribute the revision to a lack of rainfall.
FranceAgriMer estimated French soft wheat exports in the 2024/25 season at 7.5 million tons compared to 10.2 million tons the previous year due to a reduced harvest. End-of-season stocks are projected at 3.0 million tons, down from 3.8 million tons a year earlier.
Ukraine has seized a cargo ship and detained its captain on suspicion of transporting grain from Crimea, local authorities reported.
Turkey is working on renewing the “grain deal,” said the country’s President Recep Tayyip Erdoğan during a meeting with Ukrainian President Volodymyr Zelenskyy.
