SovEcon: Russian and global grain market news – June 20, 2024

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

On Wednesday, the September Euronext wheat contract rose to €230.50/mt ($248/mt; +0.7%). U.S. markets were closed due to Juneteenth.

The German Association of Agricultural Cooperatives (DRV) estimates German wheat production in 2024 at 20.34 MMT, 5.5% lower than the previous year. According to association analysts, the year-on-year decline in yield is due to a reduction in wheat planting areas, and abundant rainfall in the country will not have a significant impact on wheat production.

The Buenos Aires Grain Exchange raised its forecast for Argentina’s wheat planting areas in 2024 by 0.1 million hectares to 6.3 million hectares. Exchange analysts attribute the revised forecast to rising wheat prices and lower input prices.

Swiss grain trader Sierentz Global Merchants is liquidating its Russian subsidiary, LLC Sierentz Global Merchants East, according to data from the Fedresurs register. The decision to liquidate was made on May 17.

The harvest has begun in the Rostov region, reported regional governor Vasily Golubev. The initial grain yield is 2.61 mt/ha. According to Golubev, the acreage in 2024 has decreased by 132,000 hectares due to crop losses caused by the state of emergency.

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