Andrey Sizov
28.11.2024
On Wednesday, wheat prices declined. March SRW wheat futures closed at $5.48/bu ($201/mt), down 1.7% from Tuesday. March HRW wheat futures in Kansas dropped to $5.44/bu ($200/mt), down 2.5%. March Euronext wheat futures closed at €222.50/mt ($235/mt), down 1.4%. March U.S. corn futures remained unchanged at $4.28/bu ($169/mt).
South Africa’s Ministry of Agriculture may import about 800,000 mt of corn in 2024/25 (May-April) due to a poor crop caused by a summer drought, according to the Foreign Agricultural Service of the U.S. Department of Agriculture.
Algeria’s OAIC purchased 150,000-200,000 mt of wheat at $267/mt C&F, with delivery to the ports of Mostaganem and Tenes expected between January and March.
Tunisia’s ODN Grain Agency purchased 100,000 mt of soft wheat at $258-260/mt C&F and 100,000 mt of durum wheat at $347-349/mt C&F. Deliveries will take place between December and January.
In Brazil, barge transportation of corn and soybeans has resumed on the Tapajós River, a major tributary of the Amazon, shipping operators reported on Wednesday. The transport is operating at 50% capacity.
In November, SovEcon reduced its forecast for Russian wheat exports by 1.8 million metric tons (MMT) to 44.1 MMT. The forecast was lowered due to expected tight export quotas.
