SovEcon: Russian and global grain market news – July 2, 2024

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

On Monday, wheat prices surged. The September SRW wheat contract closed at $5.90/bu ($217/mt; up 2.9% compared to Friday). The September Euronext wheat contract rose to €230.25/mt ($247/mt; up 2.4%). The September U.S. corn contract remained at $4.07/bu ($160/mt; -0.1%).

The share of crop in good to excellent condition decreased to 67%, which is 2 percentage points less than last week and 1 percentage point below market expectations. However, a year earlier, only 51% of the crops were in good to excellent condition.

The Saudi Arabian agency GFSA purchased 235,000 mt of wheat at an average price of $263/mt CFR. According to traders, this is the smallest volume ever purchased by Saudi Arabia.

Turkey, Romania, and Bulgaria announced the launch of a joint initiative to clear mines from specific areas of the Black Sea.

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