SovEcon: Russian and global grain market news – July 3, 2024

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

On Tuesday, wheat prices declined. The September SRW wheat contract closed at $5.81/bu ($213/mt; down 1.6% compared to Monday). The September Euronext wheat contract fell to €227.00/mt ($244/mt; down 1.4%). The September U.S. corn contract rose to $4.08/bu ($161/mt; up 0.2%).

Argentina is preparing its first shipments of corn to China in 15 years, reports Bloomberg, citing Gustavo Idigoras, head of the national export group Ciara-Cec.

The Russian Ministry of Defense reported the destruction of two drones that attacked Novorossiysk.

Brazilian agency AgroConsult raised its estimate for the second corn crop to 100.5 MMT from 96.7 MMT a month earlier.

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