SovEcon: Russian and global grain market news – May 03, 2024

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

On Thursday, grain futures rose. The July SRW wheat contract closed at $6.04/bu ($222/mt; up 0.8% compared to Wednesday). The September Euronext wheat contract rose to €227.75/mt ($244/mt; up 0.4% from Tuesday). The July U.S. corn contract finished at $4.60/bu ($181/mt; up 2.0% from Wednesday).

The weakening of the U.S. dollar supported the grain prices. The DXY index dropped to a mid-April low and closed at 105.3 (down 0.3% from Wednesday).

The Buenos Aires Grain Exchange lowered its estimate for Argentine corn production in 2023/24 by 3 mmt to 46.5 mmt. The forecast was revised due to unfavorable weather and plant diseases.

In the coming week, temperatures in Argentina’s agricultural regions are expected to drop below 4°C, according to analysts at the Buenos Aires Grain Exchange. This could slow the reproduction of leafhoppers that carry diseases dangerous to crops.

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