Andrey Sizov
08.11.2024
On Thursday, wheat prices declined. The December SRW wheat contract closed at $5.71/bu ($210/mt), down 0.3% from Wednesday. The December HRW wheat contract in Kansas fell to $5.69/bu ($209/mt), down 0.9%. The December Euronext wheat contract closed at €215.25/mt ($239/mt), down 0.6%. The December U.S. corn contract rose to $4.27/bu ($168/mt), up 0.3%.
For the week ending October 31, U.S. exporters sold 2.8 million mt of corn, exceeding market expectations of 1.7–2.5 million mt, according to data from the USDA.
The USDA reported a sale of 120,000 mt of corn by U.S. exporters to unknown destinations.
In Argentina, 2.3 million hectares of corn have been planted out of a projected 6.3 million hectares, reports the Buenos Aires Grain Exchange (BAGE). A year earlier, 1.8 million hectares had been planted out of 7.9 million hectares by the same date. According to BAGE, 86% of the planted corn is in good or excellent condition, compared to 90% last year.
As of November 4, 62% of the soft wheat area in France had been planted, compared to 65% at the same time last year and a five-year average of 77%, reports FranceAgriMer.
As of October 1, total Russian wheat stocks (on-farm and off-farm, excluding small companies) amounted to 38.7 million metric tons (MMT), down 14% year-over-year (YoY), SovEcon said in a report. Last quarter, stocks were at 20.3 MMT, up 21% YoY. Wheat stocks have sharply declined compared to last quarter due to low production figures of Russian wheat and active exports.
