SovEcon: Russian and global grain market news – June 04, 2024

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

On Monday, grain futures continued to decline. The July SRW wheat contract closed at $6.73/bu ($247/mt; -0.9% compared to Friday). The July US corn contract closed at $4.43/bu ($175/mt; -0.6%). The September Euronext wheat contract closed at €258.75/mt ($282/mt; -0.2%).

The Egyptian GASC will hold a wheat tender today. Shipments are planned for July 5-15 and/or July 15-25 via 270-day LC.

Algeria’s state agency OAIC announced an international tender to purchase a nominal 50,000 mt of milling wheat of optional origin. The deadline for submitting offers is June 4.

Minister of Agriculture of Russia Oksana Luts announced that a federal-level emergency regime due to frost may be introduced by the end of the week. According to her, more than 1 million hectares of crops were lost and 600,000 hectares were damaged due to May frosts.

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) forecasts the 2024/25 wheat crop at 29.1 MMT, 12% more than in the 2023/24 season and 10% above the 10-year average.

The USDA released its first crop condition ratings for 2024 on Monday. Corn crops are rated good/excellent on 75% of the area compared to the 70% estimate in a Reuters poll. The condition of spring wheat is rated good/excellent on 74% of the area against analysts’ expectations of 69%.

According to the USDA, as of June 2, U.S. farmers had planted 91% of the corn area compared to 83% the previous week, 95% a year ago, and 89% on average over the past five years. Spring wheat planting was completed on 94% of the area compared to 88% the previous week, 91% a year ago, and 90% on average over the past five years.

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