SovEcon: Russian and global grain market news – May 30, 2024

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

On Wednesday, grain futures decreased. The July SRW wheat contract closed at $6.93/bu ($254/mt; -1.1% compared to Tuesday). The July US corn contract closed at $4.55/bu ($179/mt; -1.6%). The September Euronext wheat contract closed at €263.25/mt ($284/mt; -0.6%).

A broad commodities sell-off, likely driven by external markets, put pressure on global grain prices. European wheat continued to decline, filling this week’s “Russian crop cuts” gap.

India plans to import wheat after a six-year halt to replenish domestic reserves. New Delhi is expected to remove the 40% import duty in June and reinstate it before wheat planting begins in October. Wheat imports could total 3-5 mmt.

Egyptian Prime Minister Mostafa Madbouly announced that the country will raise prices for subsidized bread from 5 to 20 piastres ($0.0042) starting in June.

Argentina’s main agricultural region will face cold and dry weather next week, reported the Buenos Aires Grain Exchange. Temperatures are expected to drop to 0-5ºC across most agricultural areas, with some risk of localized frosts and wet snow.

Jordan announced an international tender to purchase up to 120,000 mt of milling wheat from optional origins, European traders reported. The deadline for bids is June 4.

Since the beginning of the season until May 29, Ukraine has exported 46.4 mmt of grain compared to 44.9 mmt the previous year, according to the Ministry of Agrarian Policy. In May, 5.0 mmt of grain was shipped compared to 3.0 mmt a year ago.

The Lithuanian government approved a list of banned imports from Russia and Belarus, proposed by the Ministry of Agriculture, according to a government press release. The list includes more than 2,800 items of food and feed products. The restrictions will take effect on June 3. Latvia had previously implemented a similar ban.

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