SovEcon: Russian and global grain market news – March 01, 2024

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

On Thursday, U.S. grain futures were stable. The May SRW wheat contract closed at $5.76/bu ($212/mt; +0.3% compared to Wednesday). Euronext wheat prices fell to €196.00/mt ($212/mt; -0.6%). U.S. corn increased to $4.29/bu ($169/mt; +0.2%).

The Buenos Aires Grain Exchange reports that 87% of Argentine corn crops are in normal to excellent condition, 2 percentage points higher than the previous week and 9 points above the five-year average.

Russia expresses no interest in renewing the “grain deal” and plans to explore other export opportunities, according to the country’s Agriculture Minister Dmitry Patrushev.

Poland, following Latvia, does not rule out imposing a ban on grain imports from Russia and Belarus, stated Prime Minister Donald Tusk.

In Ukraine’s Vinnytsia, Odesa, Mykolaiv, and Kherson regions, the sowing of spring grains and legumes has begun, as reported by the Ministry of Agrarian Policy.

The Australian Bureau of Meteorology reports an 80% likelihood of above-average temperatures across most of Australia from March to May, with a 60-75% chance of below-normal precipitation. Dry and hot weather could affect the sowing period for wheat, barley, and canola, which starts in April-May.

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