Andrey Sizov
02.07.2024
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.
