Andrey Sizov
04.10.2024
On Thursday, grain futures declined. The December SRW wheat contract closed at $6.03/bu ($222/mt; -1.9% compared to Wednesday). The December HRW wheat contract in Kansas City fell to $6.11/bu ($225/mt; -1.3%). The December Euronext wheat contract closed at €232.25/mt ($252/mt; +2.4%). The December U.S. corn contract decreased to $4.28/bu ($169/mt; -1.0%).
U.S. grain sales exceeded market expectations. According to the USDA, 1.68 million tons of corn were sold in the week ending September 26, against an estimate of 0.60-1.00 million tons. Wheat sales by exporters reached 0.44 million tons, compared to the 0.15-0.40 million tons estimate.
Corn planting in Argentina may slow down due to dry weather in the upcoming week, the Buenos Aires Grain Exchange reported. As of October 2, 13.7% of the planting area had been sown with corn, which is close to last year’s level.
As of October 3, Ukraine harvested 37.3 million tons of grain, which corresponds to 77% of planted areas. Wheat harvest amounted to 22.3 million tons, corn to 7.7 million tons, and barley to 5.5 million tons.
The Turkish government may extend wheat import ban, while partially easing it, the country’s Ministry of Trade reported. Turkish milling companies may be allowed to import wheat provided that at least 85% of the volume is purchased from the Turkish Grain Board (TMO).
A major strike that paralyzed all ports on the U.S. East Coast has been suspended after four days of picketing. The International Longshoremen’s Association agreed to pause the strike until January 15 to allow time for a new collective bargaining agreement.
The authorities of the Republic of Kazakhstan requested Rosselkhoznadzor to confirm violations of phytosanitary standards, Kazakh officials reported on Thursday. On September 23, Russia suspended the issuance of phytosanitary certificates for grain and oilseeds from Kazakhstan.
As of September 1, Russian on-farm wheat stocks totaled 24.8 million metric tons (MMT), a 14% decrease from the previous year, SovEcon said in a report. A month earlier, stocks had been at 22.5 MMT, which was 20% higher than the record level a year ago. Stocks have sharply decreased compared to last year due to relatively low Russian wheat crop and active exports.
