Andrey Sizov
17.10.2024
On Wednesday, grain futures rose. The December SRW wheat contract closed at $5.85/bu ($215/mt), up 1.0% from Tuesday. The December HRW wheat contract in Kansas increased to $5.89/bu ($216/mt), up 1.0%. The December Euronext wheat contract closed at €227.25/mt ($252/mt), up 0.4%. The December U.S. corn contract rose to $4.05/bu ($159/mt), up 0.9%.
The USDA reported sales of 1.6 MMT of corn to Mexico and 0.3 MMT of corn to unknown destinations.
From October 1 to 16, Ukraine exported 2.0 MMT of grain, compared to 1.2 MMT the previous month and 0.9 MMT last year. Total grain exports since the beginning of the season amounted to 12.5 MMT, up from 7.7 MMT the previous year.
Argentina is expected to experience stronger-than-normal Antarctic polar winds in the coming months, according to the Buenos Aires Grain Exchange. Analysts from the exchange warn that these winds could result in predominantly dry weather across the country.
The Russian Exporters Union, closely affiliated with the AgMin, released its price targets for 12.5% wheat: $240 FOB for October, $245 for November, and $250 for December. Check out the Ad Hoc Commentary for subscribers to find out more.
SovEcon has lowered its forecast for Russian wheat production to 81.5 million metric tons (MMT) from 82.9 MMT in the previous revision and 92.8 MMT last year. This marks the lowest production level since 2021, primarily due to a sharp decline in yields in Siberia.
