Andrey Sizov
01.10.2024
On Monday, grain futures rose. The December SRW wheat contract closed at $5.84/bu ($215/mt; +0.7% compared to Friday). The December HRW wheat contract in Kansas City increased to $5.84/bu ($214/mt; +1.2%). The December Euronext wheat contract closed at €222.25/mt ($247/mt; +0.6%). The December U.S. corn contract rose to $4.25/bu ($167/mt; +1.6%).
As of September 29, U.S. farmers harvested 21% of the corn crop, compared to 18% on average over the past five years and 23% according to market expectations. Winter wheat planting reached 39%, in line with the five-year average and market expectations of 38%.
The USDA released its grain stocks report, showing wheat stocks at 54.0 million tons, up from 48.1 million tons a year ago and slightly above the market estimate of 53.7 million tons. Corn stocks were at 44.7 million tons, compared to 34.5 million tons last year and below the market estimate of 46.8 million tons.
Tens of thousands of dockworkers on the East Coast and the Gulf Coast went on strike, demanding higher wages for workers associated with the US Maritime Alliance. The strike may lead to a slowdown in U.S. shipments.
The monsoon season in India has been the strongest since 2020, which may result in high agricultural crop yields, according to data from the India Meteorological Department (IMD).
