SovEcon: Russian and global grain market news – March 28, 2024

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

On Wednesday, U.S. wheat futures saw a slight increase. The May SRW wheat contract closed at $5.47/bu ($201/mt; +0.7% compared to Tuesday). Euronext French wheat prices dipped to €200.75/mt ($217/mt; -0.1%). U.S. corn closed at $4.27/bu ($168/mt; -1.3%).

EU ambassadors reached a compromise agreement on the import of agricultural products from Ukraine. Under the new agreement, the import ceiling for Ukrainian products is set at the average level for 2021-2023, rather than for 2022-2023 as previously proposed. The agreement will now be submitted to the European Parliament for consideration.

Dry weather is expected in Argentina over the next week, which may increase the rate of corn and soybean harvesting, according to the Buenos Aires Grain Exchange.

Last week’s shelling in southern Ukraine led to interruptions in export shipments and a slowdown in waterborne export rates, reports brokerage firm Spike Brokers. Brokers also noted a decrease in cargo volumes for April and May.

Ukrainian grain exports from March 1 to 27 totaled 4.5 million tons, compared to 4.6 million tons a year earlier, according to Ukraine’s Ministry of Agrarian Policy. In February, the country shipped 5.8 million tons of grain.

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