SovEcon: Russian and global grain market news – March 05, 2024

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

On Monday, grain futures were rising. The May SRW wheat contract closed at $5.64/bu ($207/mt; +1.1% compared to Friday). May Euronext wheat rose to €193.25/mt ($210/mt; +0.9%). U.S. corn ended the day at $4.30/bu ($169/mt; +1.3%).

Wheat futures bounced back after Friday’s plunge. U.S. corn futures found support from American sales. On March 4th, the USDA reported a flash sale of 110,000 metric tons of corn to Taiwan.

Ukraine’s grain export in March amounted to 270,000 metric tons, down from 641,000 metric tons the previous year, Ministry of Agrarian Policy of Ukraine reported on Monday. In February, Ukraine exported 5.8 million metric tons of grain, 11.5% more than the previous year.

Over the past two weeks, China has purchased approximately 1.2 million metric tons of grain (corn, barley, and sorghum) from major suppliers, including the USA and Ukraine, Bloomberg reports. Last week, European traders reported China’s purchase of 0.6 million metric tons of Ukrainian corn.

The blockade of border crossings between Poland and Ukraine could last until the end of April, protesters say. Initially, the protests were expected to last until March 10.

The prime ministers of Lithuania and Poland proposed limiting Russian grain imports at the EU level during a press conference. European Commission spokesman Eric Mamer stated that there are currently no plans to restrict imports, as it could affect food security.

Heavy rain and hail in key agricultural regions of India, a few weeks before the wheat harvest begins, could damage the crop, Reuters reports citing local farmers and officials. The crop may decrease for the third consecutive year, putting significant pressure on depleted grain stocks.

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