Andrey Sizov
23.07.2024
On Monday, grain futures rose. The September SRW wheat contract closed at $5.48/bush ($201/mt; +1.0% compared to Friday). The September Euronext wheat contract jumped to €225.75/mt ($246/mt; +0.9%). The September U.S. corn contract rose to $4.00/bush ($158/mt; +2.5%).
Grains and oilseeds were higher after Joe Biden decided to withdraw from the presidential race on Sunday. Somewhat lower Donald Trump’s odds could imply a lower probability of another USA-China trade war. Soybeans rose 2.7% compared to Friday, corn was up 2.5% and wheat was up 1.0%.
U.S. wheat sales for the week ending July 18 were 0.24 tmt compared to the estimate of 0.35-0.55 tmt, according to USDA data.
According to the USDA, as of July 22, 67% of corn crops were in good or excellent condition, down from 68% the previous week. The share of spring wheat crops remained unchanged at 77% compared to the previous week.
The MARS monitoring service lowered its yield estimate for European corn to 7.24 t/ha, 4.1% less than in June and 3.6% lower than last year’s estimate.
Harvesting of the second corn crop in Brazil was 83% complete, compared to 47% at the same time last year, according to AgRural analysts.
A missile strike hit Odessa on Monday, local authorities said. According to the regional governor, warehouses and other civilian infrastructure were damaged.
