SovEcon: Russian and global grain market news – May 02, 2024

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

On Wednesday, U.S. grain futures declined. The July SRW wheat contract closed at $6.19/bu ($227/mt; down 0.5% from Tuesday). On Tuesday, the September wheat contract fell to €226.75/t ($242/mt; -1.4%). The July US corn contract rose to $4.59/bus ($181/mt; +0.7%).

From the beginning of the season to May 1, 41.4 mmt of grain were exported from Ukraine, compared to 41.6 mmt a year earlier, the country’s Ministry of Agrarian Policy reported. In April, 6.3 mmt were exported, including 1.9 mmt of wheat and 4.1 mmt of corn.

Two days of strikes at Argentina’s grain ports ended Tuesday evening. It comes after the lower house of Congress approved labor reforms backed by President Javier Miley but opposed by oilseed and maritime unions. Strikes affected the ports of Rosario, and shipments of soybeans, wheat and corn were limited.

According to Food Corporation of India (FCI) estimates, the Government of India has already purchased 19.6 mmt of locally produced wheat for state reserves, which exceeds the minimum requirement of 18.4 mmt. In total, the government plans to purchase for state reserves in the season 2024/25 from 30 to 31 mmt of wheat. In the 2023/24 season, 26.2 mmt was purchased.

According to traders, Turkey has received proposals for a tender for the sale of 100 tmt of durum. The highest price offered to Turkey’s state agency TMO on Tuesday was estimated at $371.71/mt FOB. The proposal came from Viterra. According to traders, no decision has yet been made, and proposals are still being considered. Loading of durum will take place from May 20 to June 12 in the Turkish ports of Mersin and Iskenderun.

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