Andrey Sizov
22.07.2024
On Friday, wheat futures rose. The September SRW wheat contract closed at $5.43/bush ($199/mt; +1.4% compared to Thursday). The September Euronext wheat contract jumped to €223.75/mt ($244/mt; +4.1%). The September U.S. corn contract fell to $3.90/bush ($154/mt; -0.2%).
European futures were supported by news of poor French crop conditions. According to FranceAgriMer, as of July 15, only 52% of French wheat crops were in good or excellent condition, down from 57% the previous week and 80% last year.
Due to wet weather in recent weeks, French farmers have harvested only 14% of soft wheat crops, compared to 51% last year, according to a report by FranceAgriMer.
From July 1 to July 19, Ukraine exported 2.3 mmt of grain and leguminous crops, compared to 1.4 mmt last year, according to the Ministry of Agrarian Policy. Wheat exports reached 0.9 mmt compared to 0.5 mmt last year, barley exports were 0.3 mmt compared to 0.2 mmt, and corn exports were 1.1 mmt compared to 0.8 mmt.
By July 19, Ukrainian farmers had harvested 13.8 mmt of grain, according to the Ministry of Agrarian Policy. This included 10.3 mmt of wheat and 3.1 mmt of barley.
