SovEcon: Russian and global grain market news – June 11, 2024

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

On Monday, grain prices continued to decline. The July SRW wheat contract closed at $6.07/bu ($223/mt; -3.2% compared to Friday). The September Euronext wheat contract fell to €239.00/mt ($257/mt; -1.9%). The July U.S. corn contract rose to $4.52/bu ($178/mt; +0.7%).

The condition of U.S. wheat deteriorated over the past week, according to data from the USDA. The share of spring wheat in good to excellent condition was 72% (down from 74% the previous week), while winter wheat was at 47% (down from 49%).

The U.S. winter wheat harvest is 12% complete, 1 percentage point below market expectations, according to USDA data.

The Middle East and North Africa will be the main destinations for Russian grain exports, Russian Agriculture Minister Oksana Luth said on Monday. The minister also plans to strengthen relations with India and China regarding the supply of grains and pulses.

The Egyptian company GASC will hold an international tender for wheat on June 11.

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