SovEcon: Russian and global grain market news – July 5, 2024

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

On Thursday, trading on the Chicago Board of Trade was closed due to Independence Day. The September Euronext wheat contract rose to €225.50/mt ($244/mt; up 1.0%).

The Central and Volga Federal Districts have begun harvesting grain. According to local authorities, harvesting has started in the Voronezh, Belgorod, and Kursk regions (Central) and the Saratov region (Volga).

Tunisia has proposed a bilateral agreement with Russia for the supply of grain at a fixed price and volume. This was reported by the Russian agency “Agroexport.” The grains of interest to African importers include durum and soft wheat, barley, and corn.

On the evening of July 4, a missile strike targeted the port infrastructure of Odesa. According to local authorities, several buildings and administrative facilities were damaged.

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

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