SovEcon: Russian and global grain market news – March 19, 2024

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

On Monday, wheat futures strengthened. The May SRW wheat contract closed at $5.43/bu ($199/mt; +2.7% compared to Friday). May Euronext wheat rose to €197.25/mt ($214/mt; +1.2%). U.S. corn closed at $4.36/bu ($172/mt; -0.1%).

The European Commission may impose a duty of €95/mt on grain from Russia and Belarus in the coming days, Financial Times said, citing sources. This measure could increase the cost of imported grain from these two countries by approximately 50%, potentially eliminating demand for it.

The Ministry of Agrarian Policy of Ukraine reported on Monday that Ukrainian farmers might reduce corn planting areas to 3.9 million hectares in 2024, down from 4.0 million hectares the previous year.

The Government of India plans to purchase 33.5 million mt of wheat in the 2024/25 season, S&P Global reports, citing the Food Corporation of India (FCI). Last year, government purchases amounted to 26.2 million mt. Traders interviewed by S&P expect that government procurement will restrict supply in the domestic market.

Algeria’s OAIC agency held a tender on March 18 for the purchase of a nominal 50,000 mt of soft wheat. A tender for the purchase of 50,000 mt of durum wheat will be conducted on March 19.

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