SovEcon: Russian and global grain market news – March 14, 2024

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

On Wednesday, wheat futures declined. The May SRW wheat contract closed at $5.44/bu ($200/mt; -0.6% from Tuesday). May Euronext wheat dropped to €194.75/mt ($213/mt; -1.0%). U.S. corn closed at $4.41/bu ($174/mt; -0.1%).

FranceAgriMer has lowered its forecast for French wheat exports outside the EU by 0.1 MMT to 10.15 MMT. The estimate for exports within the EU was also reduced by 0.1 MMT to 6.19 MMT. Consequently, the end-of-season wheat stock estimate increased to 3.7 MMT, 47% higher than last year’s figure.

Next week, the European Commission may present a plan to limit agricultural product imports from Russia and Belarus at the EU level, Polish radio station RMF FM reported, citing a European diplomat. According to journalists, the plan involves stricter export regulation rather than a full embargo. Previously, the news agency Euractiv reported that most political groups in the European Parliament support limiting Russian grain imports.

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