Andrey Sizov
18.07.2024
On Wednesday, grain prices continued to rise. The September SRW wheat contract closed at $5.39/bush ($198/mt; +1.6% compared to Tuesday). The September Euronext wheat contract rose to €215.00/mt ($234/mt; +0.4%). The September U.S. corn contract closed at $3.98/bush ($157/mt; +0.6%).
As of July 17, Ukraine exported 2.0 mmt of grain compared to 1.3 mmt a year earlier, according to the Ministry of Agrarian Policy. Wheat shipments amounted to 0.7 mmt compared to 0.4 mmt, and corn shipments were 1.0 mmt compared to 0.7 mmt.
The Algerian agency OAIC purchased 600 tmt of wheat in an international tender, according to traders. The wheat is expected to be sourced from Black Sea countries.
SovEcon forecasts July wheat exports to drop to 2.8 mmt from 4.5 mmt a year earlier and an average of 3.0 MMT. Wheat exports are anticipated to fall below average at the start of the new season amid declining exporter margins.
