SovEcon: Russian and global grain market news – May 24, 2024

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

On Thursday, U.S. grain futures rose. The July SRW wheat contract closed at $6.98/bu ($256/mt; +0.7% compared to Wednesday). The September Euronext wheat contract declined to €258.25/mt ($279/mt; -0.4%). The July U.S. corn contract closed at $4.64/bu ($183/mt; +0.6%).

The International Grains Council (IGC) lowered its global wheat production estimate by 3 MMT to 795 MMT. The estimate for Russian wheat production was reduced by 4.9 MMT to 85.5 MMT.

IGC also cut its global corn production forecast by 6 MMT to 1.22 billion MT. The forecast for Argentine corn production was lowered by 6 MMT to 54 MMT.

The share of Argentine corn in good to excellent condition was 51%, compared to 54% the previous week and 47% a year earlier, according to the Buenos Aires Grain Exchange.

According to BAGE, Agrentina’s corn harvest is 28% complete.

The share of French soft wheat in good to excellent condition fell by 1 percentage point to 63% over the week, FranceAgriMer reported.

As of May 24, Ukraine exported 45.4 MMT of grain, compared to 44.6 MMT a year earlier. In May alone, 4.0 MMT were exported.

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