Andrey Sizov
15.10.2024
On Monday, grain futures declined. The December SRW wheat contract closed at $5.85/bu ($215/mt), down 2.3% from Friday. Kansas’s December HRW wheat contract fell to $5.90/bu ($217/mt), down 2.4%. The December Euronext wheat contract closed at €228.75/mt ($250/mt), down 0.1%. The December US corn contract dropped to $4.08/bu ($161/mt), down 1.8%.
Andrey Sizov: “Agricultural markets fell due to rains in Brazil and a sharp drop in oil prices after reports that Israel does not plan to attack Iran’s oil infrastructure. Additional pressure on the wheat market came from rainfall starting in the European part of Russia. Speculative funds actively sold all major crops in Chicago—corn, soybeans, and wheat.”
Egypt, one of the largest buyers of Russian wheat, set a price ceiling for wheat purchases at $240/mt, Asharq Business reported, citing government sources.
Saudi Arabia purchased 360,000 mt of milling wheat in a tender on October 14, with delivery scheduled for January-March 2025.
According to Ukraine’s Ministry of Agrarian Policy, as of October 14, Ukraine had exported 12.0 million mt of grain in the 2024/25 season, compared to 7.7 million mt a year earlier. In October, 1.6 million mt of grain were shipped, up from 0.9 million mt last year.
On October 14, Odesa was hit by another missile strike, reported Oleg Kiper, head of the Odesa Regional Administration. Port infrastructure, including a grain warehouse and two ships, were damaged.
