SovEcon: Russian and global grain market news – July 24, 2024

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

On Tuesday, wheat futures slightly declined. The September SRW wheat contract closed at $5.43/bush ($199/mt; -1.0% compared to Monday). The September Euronext wheat contract rose to €225.00/mt ($244/mt; -0.3%). The September U.S. corn contract increased to $4.02/bush ($158/mt; +0.6%).

The USDA reported exporters sold 200 tmt of corn to unknown destinations.

Late July will bring cooler temperatures to most regions of European Russia, according to Roman Vilfand, chief scientist at the Russian Hydrometeorological Center. Significant cooling is expected in the Volga and Ural regions, where temperatures will drop 4-5°C below the norm.

Wheat production in Morocco is expected to decrease to 3.1 mmt from 5.5 mmt last year due to drought, the country’s Ministry of Agriculture reported.

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