SovEcon: Russian and global grain market news – May 29, 2024

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

On Tuesday, US grain prices were mixed. European wheat prices fell after a sharp rise earlier. The July SRW wheat contract closed at $7.00/bu ($257/mt; +0.4% compared to Friday). The July US corn contract closed at $4.62/bu ($182/mt; -0.5%). The September Euronext wheat contract dropped to €264.75/mt ($287/mt; -1.6% compared to Monday).

According to the European Commission, as of May 26, soft wheat exports from the EU in the 2023/24 season totaled 27.8 mmt, down from 29.0 mmt the previous season.

European traders reported that the Korea Feed Association (KFA) purchased about 66,000 mt of feed corn from South America or South Africa in a private deal on Tuesday. All bids in the previously announced international tender to purchase 138,000 mt of feed corn were rejected.

China has approved the import of two types of GMO corn grown in Argentina, the country’s government announced. China approved two specific types of GMO corn, MON-87411 and DAS-59122-7, which are awaiting certification for import. One type of corn was developed by Monsanto, and the other by Dow Agrosciences and DuPont.

According to the USDA’s National Agricultural Statistics Service (NASS), as of May 26, 88% of spring wheat was planted compared to 79% the previous year and the five-year average of 81%. Corn was planted on 83% of the intended area compared to 89% the previous year and 82% on average. Soybeans were planted on 68% of the area (78% and 63%). The share of winter wheat in excellent and good condition is at 48% compared to 49% the previous week and 34% last year. The share of crops in poor and very poor conditions is at 19% (18% and 35%).

Analysts at Safras & Mercado have lowered their forecast for Brazil’s 2023/24 corn production to 123.31 mmt (126.13 mmt in April and 140.06 mmt in the 2022/23 season). The average yield is projected at 5.9 mt/ha (6.0 mt/ha and 6.3 mt/ha).

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