Andrey Sizov
18.09.2024
On Tuesday, wheat prices continued to decline. The December SRW wheat contract closed at $5.76/bu ($211/mt; -0.5% compared to Monday). The December HRW wheat contract in Kansas fell to $5.80/bu ($213/mt; -0.1%). The December Euronext wheat contract closed at €219.25/mt ($244/mt; -0.6%). The December corn contract rose to $4.12/bu ($162/mt; +0.4%).
Brazil’s Conab agency estimated 2024/25 corn production at 119.8 million tons (+3.6% year-on-year). However, exports of the crop are expected to drop by 5.6% year-on-year to 34.0 million tons.
France’s Ministry of Agriculture lowered its forecast for wheat production to 25.8 million tons, down from 26.3 million tons last month. The harvest is expected to be the lowest since 1986. The ministry also slightly raised its corn production forecast to 14.4 million tons from 14.0 million tons last month.
As of September 16, Ukrainian farmers had sown 360,000 hectares of winter crops, including 340,000 hectares of winter wheat, according to the Ministry of Agrarian Policy. By September 19 last year, 514,000 hectares of winter wheat had been sown. The pace of sowing is slow this year due to dry and hot weather.
Ukraine’s exports of grains and oilseeds in the first half of September totaled 2.0 million tons, down from 2.5 million tons the previous month, the Ukrainian Grain Association (UGA) reported.
