SovEcon: Russian and global grain market news – May 23, 2024

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

On Wednesday, U.S. wheat prices declined. The July SRW wheat contract closed at $6.93/bu ($255/mt; down 0.6% compared to Tuesday). The September Euronext wheat contract rose to €259.25/mt ($281/mt; up 0.9%). The July U.S. corn contract closed at $4.61/bu ($182/mt; up 0.7%).

U.S. wheat prices fell after a sharp rise earlier in the week.

The weather in most winter wheat growing regions in Russia remains unfavorable. Major weather models estimate precipitation levels for the next two weeks at 40-60% of the norm. More on that in our Ad Hoc Commentary.

The second corn crop in Brazil may decline due to drought in the Paraná and Mato Grosso do Sul regions, reported local agency Agroconsult, which will start a crop tour in the country this week. On Wednesday, the agency estimated the corn crop at 96.7 MMT, 10.5% less than the previous year.

Australian company InterGrain will begin testing genome-edited wheat in 2025, reported Reuters. Company representatives expect to bring the products to market by 2028.

SovEcon experts forecast that Russia might match last year’s record-high wheat exports of 4.1 million metric tons due to the Russian wheat’s strong competitiveness.

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