SovEcon: Russian and global grain market news – March 12, 2024

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

On Monday, grain futures were on the rise. The May SRW wheat contract dipped to a 2020 low during trading before rebounding, closing at $5.47/bu ($201/mt; +1.8% compared to Friday). May Euronext wheat rose to €196.75/mt ($215/mt; +1.7%). The May corn contract ended at $4.42/bu ($174/mt; +0.5%).

The USDA reported on Monday the third cancellation of SRW wheat shipments to China since the start of March. This week saw a cancellation of 264,000 metric tons of wheat, following last week’s 240,000 metric tons.

From March 1 to 11, Ukraine exported 1.5 million metric tons of grain, down from 1.9 million metric tons a year earlier, according to data from the country’s Ministry of Agrarian Policy. For the season, a total of 31.2 million metric tons have been exported, compared to 34.2 million metric tons the previous year.

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