Andrey Sizov
24.09.2024
Wheat prices jumped sharply on Monday. The December SRW wheat contract closed at $5.82/bush ($214/mt; +2.5% compared to Friday). The December HRW wheat contract in Kansas rose to $5.77/bush ($212/mt; +2.3%). The December Euronext wheat contract closed at €220.25/mt ($245/mt; +2.0%). The December US corn contract rose to $4.13/bush ($163/mt; +2.9%).
Prices were supported by the rising tension in the Black Sea.
The Russian Ministry of Agriculture may adjust the grain crop forecast for this year based on the results of studying the final harvest estimates from the regions, the department reported. The current grain crop estimate from the Russian Ministry of Agriculture is 132,0 mmt.
Corn and wheat sales from the United States were higher than market expectations, according to data from the US Department of Agriculture. During the week ending September 19, 1.10 mmt of corn were shipped from the states vs trade estimate of 0.48-0.90 mmt and 0.71 mmt of wheat vs trade estimate of 0.40-0.65 mmt.
Corn harvesting in the United States is proceeding faster than average, the US Department of Agriculture reports. By September 22, 14% of the planted area in the states had been harvested up from 13% a year ago and a five-year average of 11%. Private estimates predicted even higher harvest rates at 17%.
From September 1 to 23, 2.0 mmt of grain were shipped from Ukraine against 2.7 mmt last month and 1.6 mmt a year earlier, according to data from the country’s Ministry of Agrarian Policy. In total, 9.28 mmt of grain have been exported since the beginning of the season against 5.9 mmt a year earlier.
The MARS monitoring service has lowered its forecast for the yield of European corn to 6.84 t/ha from 7.03 t/ha last month.
