SovEcon: Russian and global grain market news – June 07, 2024

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

On Thursday, wheat prices continued to decline, while corn prices rose. The July SRW wheat contract closed at $6.39/bu ($235/mt; -1.1% compared to Wednesday). The July US corn contract closed at $4.52/bu ($178/mt; +2.9%). The September Euronext wheat contract closed at €251.25/mt ($274/mt; -1.2%).

The Turkish government has imposed a ban on wheat imports from June 21 to October 15, 2024, with the possibility of an extension. The export of milling wheat and durum wheat, and barley is only allowed with a license from the state operator TMO. The export of wheat flour is permitted if it is produced from local wheat.

Tunisia’s state grain agency has issued an international tender to purchase approximately 50,000 mt of soft milling wheat and about 75,000 mt of feed barley of optional origin, European traders said. The deadline for submitting offers is June 7.

Japan’s Ministry of Agriculture, Forestry, and Fisheries (MAFF) purchased 103,767 mt of food wheat from the US, Canada, and Australia in a regular tender on Thursday.

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