Andrey Sizov
22.11.2024
On Thursday, U.S. grain futures declined. The March SRW wheat contract closed at $5.69/bu ($209/mt), down 0.5% from Wednesday. The March HRW wheat contract in Kansas fell to $5.67/bu ($208/mt), down 0.9%. The March Euronext wheat contract closed at €232.00/mt ($243/mt), up 0.8%. The March U.S. corn contract dropped to $4.36/bu ($172/mt), down 0.9%.
Wheat planting in France exceeded average levels, according to a report from FranceAgriMer. As of November 18, 90% of the forecasted area was sown with wheat, compared to 73% in 2023 and a five-year average of 87%.
The International Grains Council (IGC) lowered its estimate for global wheat production by 2 mt to 796 mt. Carryover stocks were reduced by 3 mt to 266 mt, mainly due to a 1.5 mt downgrade in the EU harvest estimate to 120.3 mt.
IGC analysts raised the global corn production estimate by 1 mt to 1.225 billion mt. However, carryover stocks were reduced by 4 mt to 275 mt.
Iran’s SLAL agency purchased 60,000 mt of barley from Russia and Kazakhstan in an international tender, Reuters reported, citing traders.
As of November 13, prices for Russian class 4 wheat (with 12.5% protein) decreased by 100 rubles to 14,850 rub/mt ($151/mt), marking the first decline since mid-October, SovEcon said. Average prices for Russian wheat dropped amid a decrease in quotes in the southern regions.
