SovEcon: Russian and global grain market news – June 19, 2024

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

On Tuesday, U.S. wheat futures continued to decline. The July SRW wheat contract closed at $5.82/bu ($214/mt; -1.6% compared to Monday). The September Euronext wheat contract dropped to €229.00/mt ($246/mt; -0.5%). The July U.S. corn contract rose to $4.50/bu ($177/mt; +1.4%).

EU soft wheat exports as of June 16 amounted to 29.2 MMT compared to 30.7 MMT a year earlier, reports the European Commission. Barley exports totaled 5.6 MMT compared to 6.4 MMT last year. The Commission’s analysts do not have complete data for France, Bulgaria, and Ireland.

Ukrainian grain exports in the first half of June totaled 2.0 MMT compared to 2.7 MMT for the same period in May, reports the Ukrainian Grain Association. Wheat exports for June were 0.5 MMT compared to 0.8 MMT the previous month, and corn exports were 1.3 MMT compared to 1.7 MMT.

Shipments of Ukrainian grain through the Romanian port of Constanta from January to May decreased by 44% compared to last year, totaling 3.5 MMT, Reuters reports, citing a port representative. The source noted that in 2024, Ukraine is relying more on its own ports.

Monsoon rains in India in June are expected to be below normal, reported the India Meteorological Department (IMD). According to the IMD, less than 92% of the long-term average rainfall is expected for the month.

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