SovEcon: Russian and global grain market news – June 10, 2024

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

On Friday, grain prices declined. The July SRW wheat contract closed at $6.27/bu ($230/mt; -1.9% compared to Thursday). The September Euronext wheat contract fell to €243.75/mt ($263/mt; -3.0%). The July U.S. corn contract closed at $4.49/bu ($177/mt; -0.7%).

A state of emergency has been declared in key grain-growing regions of Russia, according to the press service of the Ministry of Emergency Situations (MChS). The state of emergency was declared in the most of the growing regions of the Central and Volga Federal Districts, as well as in the north of the Southern Federal District.

Russian exporters will not face difficulties exporting wheat despite Turkey’s import ban on the crop, said Russian Agriculture Minister Oksana Luth. She stated that the negative impact would be mitigated by reduced production this season and increased exports to other countries.

In early June, Russia shipped 31,000 mt of wheat to Brazil from the port of Vysotsky in the Baltic Sea, reported the Grain Quality Assessment Center under Rosselkhoznadzor.

Ukraine has sown nearly 5.6 million hectares with grain crops during the planting campaign, compared to 5.7 million hectares a year earlier, according to data from the Ministry of Agrarian Policy. Corn was sown on 3.9 million hectares, and wheat on 0.3 million hectares.

From June 1 to 7, Ukraine exported 805,000 mt of grain, according to the country’s Ministry of Agrarian Policy. A total of 47.7 million mt were exported for the season, compared to 45.9 million mt a year earlier.

The ripening of Ukrainian grain may start two weeks earlier than usual due to abnormally warm weather, according to the Ministry of Agrarian Policy. Representatives of the ministry expect ripening to begin in mid-June and be completed by early July.

The share of French wheat in good and excellent condition was 62% last week, up from 61% the week before but down from 88% last year, reported FranceAgriMer.

The FAO’s cereal price index for May was 118.7 points, 6% higher than the previous month, reported the Food and Agriculture Organization of the United Nations (FAO).

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