SovEcon: Russian and global grain market news – March 22, 2024

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

Grain futures saw slight gains on Thursday. The May SRW wheat contract closed at $5.47/bu ($201/mt; +0.3% compared to Wednesday). May Euronext wheat rose to €199.75/mt ($217/mt; +0.4%). May corn closed at $4.41/bu ($174/mt; +0.4%).

The Buenos Aires Grain Exchange has lowered its corn production estimate for 2023/24 by 2.5 MMT to 54.0 MMT. The revision was due to a heatwave in February and diseases associated with the spiroplasma bacterium.

From December 1 to March 14, Argentina exported 3.9 MMT of wheat, according to Rosario exchange. The sales volume is 122% higher than last year’s record low but 35% below the five-year average. Analysts at the exchange also report a decrease in wheat prices at Paraná Up-River ports to $220/mt FOB, the lowest since January 2020.

Yemeni Houthis have stated they will not attack Russian and Chinese ships passing through the Red Sea, Bloomberg reports, citing sources familiar with the situation. An agreement between Russia, China, and the Houthis was reached during negotiations in Oman.

On Friday, the European Commission will announce measures to limit the import of Russian and Belarusian grain into the EU, stated Commission President Ursula von der Leyen.

Odessa region was subjected to a large-scale drone attack overnight from Thursday to Friday, local authorities report.

Cancellations of U.S. wheat sales from March 8th to 14th were within market expectations, according to data from the USDA. The department’s data shows net wheat sales amounted to -110 TMT, compared to analysts’ estimates ranging from -200 to 500 TMT.

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