SovEcon: Russian and global grain market news – May 09, 2024

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

Schedule update: Due to special circumstances, the news digest won’t be released on Friday. Next issue will be published on May 13.

On Wednesday, grain futures declined. The July SRW wheat contract closed at $6.34/bu ($233/mt; down 1.3% compared to Tuesday). The September Euronext wheat contract fell to €241.25/mt ($259/mt; down 0.6%). The July U.S. corn contract closed at $4.58/bu ($181/mt; down 1.8%).

State of emergency has been declared in the Voronezh, Lipetsk, and Tambov regions due to frosts on May 3-5 and May 8, which could damage crops. More information about weather in Russia and its consequences for the wheat crop can be found in a Russian crop report for Sizov.Report subscribers.

Grain trader “Rodnye Polya” (formerly TD “Rif”) was denied a phytosanitary certificate for a vessel carrying 63,000 mt of wheat to Egypt, “Vedomosti Yug” said, citing a company representative.

From May 1 to 8, Ukraine exported 1.0 mmt of grain, down from 1.6 mmt the previous month, according to the country’s Ministry of Agrarian Policy.

The Rosario Board of Trade lowered its forecast for Argentine corn production by 2.5 mmt to 47.5 mmt due to plant diseases.

The Egyptian company GASC purchased 360,000 mmt of wheat in an international tender. Of this, 300,000 mmt will be supplied from Russia at a price of $255.0/mt FOB (with a 270-day payment deferment). An additional 60,000 mmt will be supplied from Romania at $259.5/mt FOB (270 days).

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