SovEcon: Russian and global grain market news – March 20, 2024

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

Grain futures rose on Tuesday. The May SRW wheat contract closed at $5.52/bu ($203/mt; +1.8% compared to Monday). May Euronext wheat rose to €200.25/mt ($218/mt; +1.5%). May corn closed at $4.39/bu ($173/mt; +0.8%).

The European Union has introduced a preliminary agreement for tariff-free access of Ukrainian agricultural products to global markets until June 2025. Tariffs on Ukrainian products will not be imposed if their import into the EU does not exceed average levels for the last two years. Products regulated by the new agreement include wheat and corn.

In February, Ukraine shipped 0.89 MMT of grain through the Romanian port of Constanta, the port administration reported. Exports in the first two months of 2024 totaled 1.33 MMT of grain.

In the first two months of 2024, China imported 6.2 MMT of corn, a 16% increase from the previous year, reported by the General Administration of Customs of China (GACC). Wheat imports during the same period were 2.5 MMT, 17% less than a year earlier.

Egypt’s GASC will hold a tender on March 20 for wheat supply, with payment deferrals of 180 and 270 days.

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