Andrey Sizov
31.10.2024
On Wednesday, U.S. wheat prices continued to rise. The December SRW wheat contract closed at $5.73/bu ($211/mt), up 0.5% from Tuesday. The December HRW wheat contract in Kansas increased to $5.76/bu ($211/mt), up 0.2%. The December wheat contract on Euronext closed at €219.25/mt ($243/mt), down 0.2%. The December U.S. corn contract fell to $4.11/bu ($162/mt), down 0.5%.
Kazakhstan’s Minister of Agriculture, Aidarbek Saparov, stated that issues related to Russia’s restrictions on agricultural imports may be resolved within a week.
Argentine transport unions announced a strike on Wednesday to protest layoffs and low wages amidst President Javier Milei’s measures to address the economic crisis.
The net short position of investment funds and financial institutions in wheat on the Matif exchange rose to 122,000 contracts as of October 25, up from 84,000 contracts the previous week.
SovEcon has lowered its forecast for Russian wheat exports to 45.9 million metric tons (MMT) from 47.6 MMT last month. This is the lowest export level since the 2021/22 season when 33.4 MMT was exported. Exports are expected to be below recent years’ levels on smaller crop and export restrictions.
