Andrey Sizov
24.10.2024
On Wednesday, grain futures were stable. The December SRW wheat contract closed at $5.78/bu ($213/mt; +0.4% compared to Tuesday). The December HRW wheat contract in Kansas fell to $5.85/bu ($215/mt; -0.2%). The December Euronext wheat contract closed at €223.75/mt ($248/mt; +0.1%). The December U.S. corn contract rose to $4.19/bu ($165/mt; +0.6%).
Australian bank Rabobank raised its wheat production forecast by 1.6 million mt to 27.6 million mt. Wheat production in Australia is expected to be 8% below the multi-year average.
Kazakhstan harvested 26.5 million mt of grain in the 2024/25 season, compared to 16.6 million mt a year earlier, according to the country’s government. Kazakhstan’s export potential is estimated at 12.0 million mt, of which 7-7.5 million mt will be wheat.
The Romanian government has approved a plan to modernize the railway infrastructure in the Black Sea port of Constanța. Around $163 million is expected to be allocated for the project.
Heavy rainfall in Argentina has significantly improved the outlook for corn and wheat crops, analysts at the Rosario exchange reported. According to analysts, the country received 30-90 mm of rain since October 22.
SovEcon has released its first forecast for the 2025 Russian wheat crop, estimating production at 80.1 million metric tons (MMT), down from 81.5 MMT the previous year and below the average of 88.1 MMT. Wheat crop could decline to the lowest level in four years amid adverse weather in major winter wheat growing regions.
