Andrey Sizov
03.09.2024
On Monday, the US exchange was closed due to Labor Day. The December Euronext wheat contract closed at €217.00/mt ($240/mt), up 0.2% by the end of the day.
Ukraine’s Ministry of Agrarian Policy and Food and grain market participants signed an addendum to the Memorandum of Understanding for the 2024/25 season. According to the addendum, the maximum export volume of wheat for the season is set at 16.2 million tons. The Memorandum and its addendum are signed annually and do not impose strict export limits.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) raised its wheat harvest forecast by 2.7 million tons to 31.8 million tons, citing rains in key growing regions.
Brazilian consulting firm Céleres forecasts a record soybean harvest of 169.9 million tons for the 2024/25 season, up from 152 million tons last year. The corn harvest is estimated at 134.1 million tons, 5 million tons higher than the previous year.
According to Kazakhstan’s Ministry of Agriculture, as of September 2, the country harvested 6.4 million tons of grain with a yield of 1.53 mt/ha, including 4.5 million tons of wheat with a 1.50 mt/ha yield.
European traders report that Algeria’s state agency ONAB purchased at least 30,000 tons of feed corn last week in international tenders. The grain was to be sourced from Argentina or Brazil.
