SovEcon: Russian and global grain market news – May 14, 2024

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

On Monday, wheat futures continued to rise. The July SRW wheat contract closed at $6.87/bu ($253/mt; up 3.6% compared to Friday). The September Euronext wheat contract rose to €258.75/mt ($279/mt; up 3.7%). The July U.S. corn contract closed at $4.72/bu ($186/mt; up 0.6%).

Surge in wheat prices continues amid weather anomalies in Russia.

Frosts were expected in most regions of the Central Federal District on the night from May 13 to May 14, according to regional emergency services and meteorological centers. In the southern part of the district, where most of the grain is produced, temperatures could have dropped to -2 °C, and in the central part, to -3 °C.

Corn planting in the U.S. is progressing relatively slowly, according to USDA data. As of May 12, 49% of the planned acreage had been planted, compared to the five-year average of 54%.

Ukrainian grain exports have significantly slowed, according to the country’s Ministry of Agrarian Policy. From May 1 to 13, Ukraine exported 1.8 MMT of grain compared to 2.8 MMT from April 1 to 12.

The European Union has officially approved the extension of the trade liberalization regime with Ukraine, announced Prime Minister Denys Shmyhal. The regime will be in effect from June 6, 2024, to June 5, 2025.

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