Andrey Sizov
25.09.2024
On Tuesday, grain futures declined. The December SRW wheat contract closed at $5.78/bu ($212/mt; -0.8% compared to Monday). The December HRW wheat contract in Kansas City fell to $5.71/bu ($210/mt; -1.1%). The December Euronext wheat contract closed at €218.75/mt ($245/mt; +2.0%). The December U.S. corn contract fell to $4.12/bu ($162/mt; -0.4%).
Agrometeorological conditions for winter crop sowing and emergence in the European part of Russia deteriorated during the second decade of September, according to the Russian Hydrometeorological Center. Abnormally warm and dry weather persisted in the Central and Volga Federal Districts, as well as in some regions of the South. Meanwhile, rains in the Urals and Siberian Federal Districts ceased, allowing these regions to accelerate their harvest campaigns.
If sufficient moisture reserves are maintained, Argentina’s grain crop in 2024/25 could reach 143.2 million tons (+9.3% compared to the previous season), according to the Rosario Grain Exchange. Analysts attribute the potential growth to an increase in wheat and soybean acreage compared to last year, while corn acreage may decrease. Grain exports in 2024/25 are projected at 101.5 million tons (+15% year-on-year).
EU soft wheat exports from July 1 to September 22 totaled 5.9 million tons, down from 7.7 million tons the previous year, according to the European Commission. Corn exports reached 4.7 million tons, up from 4.2 million tons, and barley exports amounted to 1.5 million tons, down from 2.2 million tons. The European Commission noted that French grain export data for 2024 is incomplete.
