SovEcon: Russian and global grain market news – May 27, 2024

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

On Friday, US grain futures were stable. The July SRW wheat contract closed at $6.97/bu ($256/mt; -0.1% compared to Thursday). The July US corn contract closed at $4.65/bu ($183/mt; +0.1%). The September Euronext wheat contract rose to €261.25/mt ($283/mt; +1.2%).

The Russian Ministry of Agriculture plans to increase the base price for wheat in calculating the export duty from 17,000 to 18,000 rub/mt.

The area of crops damaged by May frost in the Voronezh region has increased to 442,000 hectares, according to the regional government press service. Of these, 362,000 hectares (14% of the total planted area) have been documented as lost. Another 80,000 hectares remain under observation. Currently, farmers have replanted 121,000 hectares of the total area of lost crops.

Since the beginning of the season, Ukraine has exported 45.8 mmt of grains compared to 44.9 mmt a year ago, according to the Ministry of Agrarian Policy. In May, 4.4 mmt of grain were shipped compared to 3.0 mmt a year ago.

Jordan has announced an international tender to purchase up to 120,000 mt of milling wheat of optional origin, according to European traders. The deadline for submitting price offers is May 28.

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