SovEcon: Russian and global grain market news – May 15, 2024

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

On Tuesday, grain futures declined. The July SRW wheat contract closed at $6.72/bu ($247/mt; down 2.2% compared to Monday). The September Euronext wheat contract fell to €249.75/mt ($270/mt; down 3.5%). The July U.S. corn contract closed at $4.67/bu ($184/mt; down 1.1%).

Wheat prices rolled slightly back after a sharp rise over the past few days.

Due to frosts in Russia, about 0.5 million hectares of crops will be replanted, reported the new head of the Russian Ministry of Agriculture, Oksana Lut. Get more information about the Russia’s AgMin numbers and our estimate of the losses in our new Crop update.

Brazilian agency Conab raised its corn production estimate by 0.7 MMT to 111.7 MMT.

Wheat stocks in India’s government warehouses as of May 1 stood at 26.0 MMT, compared to 29.0 MMT a year earlier. This is the lowest stock level since 2008.

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