SovEcon: Russian and global grain market news – November 11, 2024

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

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.

More Articles for You

Russian 2026/27 Wheat Export Forecast Cut by 4.7 MMT

The 2026/27 Russian wheat export forecast has been cut by 4.7 MMT to 36.7 MMT, according to SovEcon’s latest report. …

Russia’s winter crop sowing pace is the slowest since 2013

As of Sept. 18, Russia had planted 6.1 million hectares of winter grains, down from 7.1 million hectares a year …

Russia, Ukraine Wheat Exports Set for Lowest Jul-Sep Since 2010

The first quarter of the 2026/27 season is nearing its end with Russian and Ukrainian wheat exports running at exceptionally …

Saudi Arabia Cancels Wheat Tender as Prices Surge

The absence of competitive Black Sea wheat is starting to disrupt international tenders, according to the latest SovEcon report. Saudi …

Russian Wheat Exports Start 2026/27 at Half Last Year’s Pace

Russian wheat exports are expected to remain around 2.0 mmt in September, compared with 4.6 mmt a year earlier, according …

Russia May Suspend Wheat Export Duty

Russia is likely to suspend its floating grain export duties through the end of 2026. The Agriculture Ministry is preparing …