SovEcon: Russian and global grain market news – June 03, 2024

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

On Friday, US grain futures continued to decline. The July SRW wheat contract closed at $6.78/bu ($249/mt; -0.4% compared to Thursday). The July US corn contract closed at $4.46/bu ($176/mt; -0.5%). The September Euronext wheat contract closed at €259.25/mt ($280/mt; +0.3%).

The export ban on durum wheat from Russia was not extended, Vice Premier Dmitry Patrushev reported. The restriction was in force from December 11, 2023, to May 31, 2024.

FranceAgriMer reported that as of May 27, 61% of soft wheat crops in France were in good to excellent condition (63% a week earlier and 91% a year earlier).

Since the beginning of the season up to May 31, Ukraine exported 46.7 MMT of grain compared to 45.3 MMT a year earlier, according to the country’s Ministry of Agrarian Policy. In May, 5.3 MMT of grain was shipped compared to 3.4 MMT a year earlier.

South Korea’s Major Feedmill Group (MFG) purchased about 63,000 mt of feed wheat in an international tender on Friday, European traders reported.

Rabobank analysts estimate Australia’s wheat crop in the 2024/25 season at 27.4 MMT, which is 5.7% more than in the 2023/24 season. The barley crop is estimated at 10 MMT, which is 7.2% less than last year.

The Buenos Aires Grain Exchange reported that wheat planting in Argentina began about two weeks late. As of May 30, wheat was planted on 601.4 thousand hectares, or 9.7% of the planned area. The five-year average for the same date is 20.2%.

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