On Thursday, grain futures continued to decrease. The July SRW wheat contract closed at $6.81/bu ($250/mt; -1.7% compared to Wednesday). The July US corn contract closed at $4.49/bu ($177/mt; -1.4%). The September Euronext wheat contract closed at €258.50/mt ($280/mt; -1.8%).
The European Commission left its wheat harvest forecast for the EU unchanged at 120.2 mmt for 2024/25. This is 4% lower than the 2023/24 season and the lowest level since the 2020/21 season. The wheat export estimate was raised by 0.1 mmt to 31.1 mmt for the 2024/25 season and by 0.5 mmt to 31.5 mmt for the 2023/24 season.
Russia’s Ministry of Agriculture has completed the allocation of an additional grain export quota, which was fully exhausted by May 30. The quota for the export of wheat and meslin, rye, barley, and corn to non-EAEU countries from February 15 to June 30, 2024, was set at 24 mmt and later increased by another 5 mmt.
The EU will impose prohibitive tariffs on imports of grains, oilseeds, and by-products from Russia and Belarus starting July 1. The tariffs will be €95 ($102.76) per ton for grains and 50% for oilseeds.
The Taiwan Flour Millers’ Association purchased 96,850 mt of milling wheat from the US in a tender, European traders reported.