SovEcon: Russian and global grain market news – June 27, 2024

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

On Wednesday, U.S. wheat futures were stable. The September SRW wheat contract closed at $5.60/bu ($206/mt; unchanged compared to Tuesday). The September Euronext wheat contract rose to €223.50/mt ($239/mt; up 1.1%). The September U.S. corn contract fell to $4.25/bu ($168/mt; down 1.4%).

On Friday, the USDA will release its report on grain planting areas. Market participants expect corn planting areas to increase to 36.6 million hectares (+0.2 million hectares compared to the March estimate) and wheat planting areas to grow to 19.3 million hectares (+0.2 million hectares).

The USDA will also release its quarterly grain stocks estimates. The average market estimate for corn stocks is 123.8 million metric tons (mmt; +19.6 mmt year over year) and wheat stocks are estimated at 18.6 mmt (+3.1 mmt YoY).

Ukraine exported 3.4 mmt of grain from June 1 to June 26, compared to 3.1 mmt a year earlier, according to the Ministry of Agrarian Policy of Ukraine. Total exports for the season reached 50.3 mmt, up from 48.4 mmt the previous year.

The Indian government has approved the import of 0.5 mmt of corn and 150,000 mt each of rapeseed and sunflower oil under a tariff quota.

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