Andrey Sizov
03.10.2024
On Wednesday, grain futures continued to rise. The December SRW wheat contract reached a June high and closed at $6.15/bu ($226/mt; +2.7% compared to Tuesday). The December HRW wheat contract in Kansas City increased to $6.19/bu ($227/mt; +3.5%). The December Euronext wheat contract closed at €227.50/mt ($252/mt; +2.4%). The December U.S. corn contract rose to $4.32/bu ($170/mt; +0.8%).
Egypt’s state grain buyer, GASC, agreed to one of the largest direct wheat purchases for delivery from November to April, Reuters reported, citing sources familiar with the matter. Approximately 510,000 tons of wheat from the Black Sea region will be shipped to Egypt each month, with the total deal amounting to 3.12 million tons.
As of October 2, Ukraine had exported 10.6 million tons of grains and legumes compared to 6.7 million tons at the same time last year. In October alone, 197,000 tons have been shipped, up from 7,000 tons last year.
In October, conditions for winter crop sprouting and vegetation in most areas of Central, Southern, and the southern part of the Volga region in Russia are expected to be worse than usual due to a lack of precipitation, according to the Russian Hydrometeorological Center.
