SovEcon: Russian and global grain market news – May 06, 2024

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

On Friday, wheat futures continued to rise. The July SRW wheat contract closed at $6.22/bu ($229/mt; up 3.0% from Thursday). The September Euronext wheat contract rose to €235.00/mt ($253/mt; up 3.2%). The July U.S. corn contract finished at $4.60/bu ($181/mt; up 0.1%).

The Russian agricultural watchdog, Rosselkhoznadzor, issued a phytosanitary certificate for another vessel of TD “Rodnye Polya” (formerly TD “Rif”), according to Reuters. The ship carrying 63,000 mt of wheat has left the port and is headed to Egypt. Another vessel carrying wheat for the Egyptian company GASC is awaiting a certificate in the port of Novorossiysk, agency sources said.

Corn planting in France is completed at 45%, compared to 54% at the same time last year and an average of 70%, reports FranceAgriMer. The sowing may have slowed due to heavy rainfall in recent weeks. France accounts for about 20% of the corn produced in the EU.

The Algerian company OAIC purchased 210,000-300,000 mt of soft wheat in an international tender. Traders estimate the wheat price at about $249/mt (C&F), with suppliers likely coming from Black Sea countries.

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