SovEcon: Russian and global grain market news – June 06, 2024

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

Grain futures continued to decline on Wednesday. The July SRW wheat contract closed at $6.47/bu ($238/mt; down 1.8% compared to Tuesday). The July US corn contract closed at $4.39/bu ($173/mt; down 0.7%). The September Euronext wheat contract closed at €254.25/mt ($276/mt; down 1.6%).

Since the beginning of the season up to June 5, Ukraine has exported 47.4 mmt of grain, compared to 45.6 mmt a year earlier, according to the Ministry of Agrarian Policy of Ukraine. In June, 0.48 mmt of grain was shipped, compared to 0.24 mmt a year earlier.

According to European traders, Algeria’s state grain agency OAIC purchased 810,000-840,000 mt of wheat in a tender yesterday. Some estimates suggest that the purchased volume was 900,000 mt.

China’s state grain stockpiler Sinograin will increase purchases of domestically produced wheat in 2024 to replenish stocks. The company had previously announced plans to also increase corn purchases. This move comes as Chinese buyers have recently canceled wheat shipments from the US and Australia due to price fluctuations.

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