SovEcon: Russian and global grain market news – June 26, 2024

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

On Tuesday, grain futures dropped to their lowest level since April. The September SRW wheat contract closed at $5.60/bu ($206/mt; down 1.9% compared to Monday). The September Euronext wheat contract fell to €221.00/mt ($237/mt; down 0.6%). The September U.S. corn contract closed at $4.32/bu ($170/mt; down 1.8%).

A ballistic missile struck the Odesa region from Tuesday night into Wednesday, local authorities reported. According to the regional governor, an administrative building was damaged.

Egypt’s GASC purchased 470,000 mt of wheat in an international tender. Of this, 180,000 mt will be supplied from Russia at $246-247 C&F, another 180,000 mt from Romania at $247-248 C&F, 60,000 mt from Ukraine ($247/mt C&F), and 50,000 mt from Bulgaria ($244/mt C&F).

Scientists at Argentina’s INTA Agricultural Research Center successfully sequenced the genome of the leafhopper, which transmits bacteria harmful to corn crops. According to experts, this information will help predict and prevent parasite outbreaks and aid in the development of new corn varieties.

SovEcon has estimated Ukrainian wheat exports for the 2024/25 season at 13.6 million metric tons (MMT), which is 25% lower than last year’s figures. Corn exports are estimated at 22.0 MMT, 23% below the previous year. Ukrainian exports in the new season are expected to decrease amid the significant reduction in supply.

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