SovEcon: Russian and global grain market news – March 04, 2024

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

On Friday, grain futures declined. The May SRW wheat contract closed at $5.58/bu ($205/mt; -3.2% compared to Thursday). May Euronext wheat fell to €191.50/mt ($208/mt; -2.3%). The May corn contract ended the day at $4.25/bu ($167/mt; -1.1%).

Fund sales were exerting pressure on U.S. grain futures. Open interest in the May wheat contract on Friday increased by 4,000 contracts to 196,000, and for the May corn contract, it rose by 2,000 to 647,000.

Grain traffic through the Suez Canal in February decreased to 2.6 MMT from 5.3 MMT the previous year, according to Reuters, citing Kpler analysts. According to Kpler analyst Ishan Bhana, only vessels heading to Iran and those transporting grain from the Black Sea to Asia continue to traverse the canal.

The European Union will enhance inspections of carriers transporting Ukrainian grain through “solidarity lanes,” announced European Transport Commissioner Adina Vălean.

Protests by Polish farmers have spread to the border with Lithuania, Reuters reports. Journalists note that farmers are inspecting trucks at the border to prevent the re-export of Ukrainian grain to Poland as European. In Vilnius, officials deny the farmers’ allegations.

The Algerian company OAIC will hold a tender on March 5 for the supply of a nominal 50,000 metric tons of soft wheat. OAIC typically purchases quantities exceeding the nominal amount.

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