Andrey Sizov
11.11.2024
On Friday, soft wheat prices rose slightly. The December SRW wheat contract closed at $5.72/bu ($210/mt), up 0.2% from Thursday. The December Euronext wheat contract closed at €215.75/mt ($239/mt), also up 0.2%. The December HRW wheat contract in Kansas fell to $5.64/bu ($207/mt), down 0.8%. The December U.S. corn contract rose to $4.31/bu ($170/mt), up 0.8%.
On November 8, the USDA released its WASDE report. The end-season estimate for U.S. corn stocks was 49.2 million mt (down 1.6 million mt from October and 0.2 million mt below the average market estimate), and wheat stocks were estimated at 22.2 million mt (up 0.1 million mt from both October and the market estimate). Global stocks were estimated at 304.1 million mt for corn (down 2.4 million mt from October and 1.6 million mt below the market estimate) and 257.6 million mt for wheat (down 0.2 million mt from October but 0.8 million mt above the market estimate).
The USDA reduced its forecast for Russian wheat production by 0.5 million mt to 81.5 million mt. The export forecast remained unchanged at 48.0 million mt.
As of November 7, Ukrainian farmers harvested 49.9 million mt of grain (compared to 51.3 million mt a year earlier) from 10.4 million hectares (9.8 million hectares last year), with an average yield of 4.80 mt/ha (5.21 mt/ha last year), according to data from the Ministry of Agrarian Policy of Ukraine.
