Andrey Sizov
04.07.2024
On Wednesday, wheat prices continued to decline. The September SRW wheat contract closed at $5.74/bu ($211/mt; down 1.2% compared to Tuesday). The September Euronext wheat contract fell to €223.25/mt ($241/mt; down 1.7%). The September U.S. corn contract closed at $4.05/bu ($160/mt; down 0.6%).
The new government of Mexico will abandon plans to reduce yellow corn imports, announced the country’s new Agriculture Minister Julio Berdegue. He stated that the country will focus on self-sufficiency in white corn. Mexico is the largest importer of U.S. corn.
Russian President Vladimir Putin met with his Turkish counterpart Recep Tayyip Erdogan at the Shanghai Cooperation Organization summit in Astana. Erdogan offered to mediate negotiations between Russia and Ukraine, but Moscow doubts the feasibility of such a scenario.
SovEcon has increased its forecast for Russian wheat production in the 2024/25 season by 3.4 million metric tons (MMT) to 84.1 MMT. The forecast was revised amid high yields in Southern Russia and improved crop prospects in other regions.
SovEcon is hosting a webinar on Black Sea grain market in 2024/25. Join us next Thursday, July 11; 9:30AM US Eastern / 4:30PM Central European / 5:30PM Moscow. Check out our website to find out more
