Andrey Sizov
08.10.2024
On Monday, U.S. grain futures rose. The December SRW wheat contract closed at $5.92/bu ($218/mt), up 0.5% from Wednesday. The December HRW wheat contract in Kansas increased to $6.03/bu ($222/mt), up 0.9%. The December Euronext wheat contract closed at €228.50/mt ($254/mt), down 0.1%. The December U.S. corn contract rose to $4.26/bu ($168/mt), up 0.4%.
Russia’s Ministry of Agriculture will revise its grain production forecast due to unfavorable weather conditions in Siberia, said Minister Oksana Lut. The current forecast stands at 132 mmt.
The USDA reported that exporters sold 155,000 mt of corn to Mexico.
U.S. corn harvest is 30% complete, compared to the market expectation of 34% and 31% last year. The share of crops in good to excellent condition remained at 64%, matching the market’s expectation and last week’s figure.
During a missile strike on the port of Odesa on Monday, a bulk carrier arriving for loading was damaged, Ukrainian authorities reported. On Sunday, the port was also shelled, with a ship carrying 6,000 mt of Ukrainian corn being attacked.
Algeria’s state grain agency OAIC will hold a tender on October 9 for a nominal 50,000 mt of wheat. OAIC typically purchases more than the nominal amount.
Saudi Arabia’s state grain agency GFSA bought 307,000 mt of wheat in an international tender.
