SovEcon: Russian and global grain market news – May 20, 2024

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

On Friday, U.S. grain futures continued to decline. The July SRW wheat contract closed at $6.51/bu ($239/mt; down 1.8% compared to Thursday). The September Euronext wheat contract fell to €246.75/mt ($268/mt; down 0.7%). The July U.S. corn contract closed at $4.52/bu ($178/mt; down 1.0%).

Over the weekend, Russia experienced another cold snap, according to data from the Hydrometeorological Center and weather monitoring services. The most significant temperature drop was in the Volga region, reaching -2 to -5°C. In the Rostov region, temperatures fell to -1 to -2°C.

A grain terminal in Novorossiysk and several oil storage facilities were damaged in a drone attack from Thursday night to Friday, local sources reported.

Odesa region was attacked several times over the weekend, local authorities reported. On May 17, the region was attacked by missiles, and on May 18 and 19, it was attacked by drones. According to local sources, the damage was primarily to civilian infrastructure.

Since the beginning of the season through May 17, Ukraine has exported 44.2 MMT of grain and pulses compared to 43.9 MMT in the same period last year, according to the Ministry of Agrarian Policy. In May, 2.9 MMT of grain and pulses were shipped, compared to 2.1 MMT last year and 3.9 MMT in the same period in April.

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