Andrey Sizov
11.10.2024
On Thursday, wheat futures rose. The December SRW wheat contract closed at $6.04/bu ($222/mt), up 0.8% from Wednesday. The December HRW wheat contract in Kansas increased to $6.11/bu ($224/mt), also up 0.8%. The December Euronext wheat contract closed at €231.25/mt ($257/mt), up 1.1%. The December U.S. corn contract fell to $4.18/bu ($165/mt), down 0.6%.
Russia’s total grain harvest in 2024 is expected to reach around 130 million mt, with 83 million mt of wheat, according to Deputy Prime Minister Dmitry Patrushev. The Ministry of Agriculture had previously forecast a grain harvest of 132 million mt and a wheat harvest of 84 million mt.
The share of Argentina’s wheat crops in good and excellent condition fell to 62% from 67% the previous week but remains above last year’s 58%, the Buenos Aires Grain Exchange reported.
Argentine farmers have halted corn planting in the western part of the country due to dry weather, the Buenos Aires Grain Exchange said. As of October 9, 18.6% of Argentina’s corn planting areas were sown, compared to 19.4% the same time last year.
The cost of insurance for ships passing through Ukraine’s grain corridor rose to 1% of the ship’s value this week, up from 0.75% the previous week, Bloomberg reported, citing industry sources. The rise in insurance costs is attributed to an increase in missile attacks on Odesa.
On Thursday night into Friday, Odesa was subjected to its third missile attack in four days, according to head of Odesa region administration Oleh Kiper. A civilian vessel was damaged in the attack.
Russian 12.5% wheat prices rose by $3 to $222-224/MT FOB last week, marking the highest level since late June, SovEcon said in a report. This week, according to traders, prices reached $230/MT. The uptick in prices was supported by an increase in futures prices and a historically high export pace.
