SovEcon: Russian and global grain market news – June 17, 2024

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

On Friday, grain prices fell. The July SRW wheat contract closed at $6.13/bu ($225/mt; -1.2% compared to Thursday). The September Euronext wheat contract dropped to €236.75/mt ($253/mt; -0.7%). The July U.S. corn contract closed at $4.50/bu ($177/mt; -1.8%).

Russia has begun wheat harvesting in the southern regions of the Southern and North Caucasian federal districts, according to regional authorities. The Ministry of Agriculture of the Krasnodar Territory estimates wheat yield at 6.13 t/ha, consistent with last year’s level.

Ukrainian farmers have started grain harvesting, announced Acting Minister of Agriculture Taras Vysotsky.

The Ministry of Agriculture of Ukraine estimates the 2024/25 grain crop at 56.0 MMT, with 28.5 MMT of corn, 21.0 MMT of wheat, and 5.0 MMT of barley. Exports for the next season are projected at 43.0 MMT, including 25.0 MMT of corn and 15.0 MMT of wheat.

From June 1 to June 14, Ukraine exported 1.7 MMT of grain, compared to 1.8 MMT in the same period of 2023 and 1.8 MMT last month. A total of 48.7 MMT of grain has been exported since the beginning of the season.

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