SovEcon: Russian and global grain market news – June 21, 2024

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

On Thursday, U.S. wheat futures continued to decline. The July SRW wheat contract closed at $5.73/bu ($210/mt; down 1.6% compared to Tuesday). The September Euronext wheat contract fell to €226.75/mt ($243/mt; down 1.6% compared to Wednesday). The July U.S. corn contract closed at $4.40/bu ($173/mt; down 2.3% compared to Tuesday).

Larvae of the Sunn pest have been discovered in the Rostov region, reports the regional office of the Russian Agricultural Center. Experts say the larvae can damage wheat ears and grains. Pest damage is exacerbated by a lack of moisture in the fields. The Rostov region is Russia’s largest wheat producer.

In the Krasnodar region, 166,000 hectares have been harvested, reported Governor Veniamin Kondratyev. According to him, the grain yield is 6.54 mt/ha.

Morocco is expected to increase wheat imports by 19% in 2024 compared to the previous year, reaching 7.5 million mt, according to the Food and Agriculture Organization (FAO). Analysts attribute the increase to worsening crop prospects, with the harvest estimated at 7.5 million mt, down 40% from the previous year.

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