Andrey Sizov
27.09.2024
On Wednesday, U.S. grain futures saw a slight decline. The December SRW wheat contract closed at $5.84/bu ($217/mt; -0.8% compared to Tuesday). The December HRW wheat contract in Kansas City dropped to $5.79/bu ($213/mt; -0.3%). The December U.S. corn contract closed at $4.13/bu ($163/mt; -0.5%). The December Euronext wheat contract closed at €221.25/mt ($247/mt; +0.3%).
The Buenos Aires Grain Exchange (BAGE) may reduce its forecast for corn planting areas if the country does not receive rainfall in the coming weeks, according to the exchange’s weekly report.
The share of Argentine wheat in good to excellent condition has decreased to 71%, down from 80% the previous week and 78% last year, due to dry weather, as reported by BAGE.
Food grain production in India for the 2023/24 season reached a record 332.2 million tons, up from 329.6 million tons the previous year, according to the country’s Ministry of Agriculture.
As of late September, only 8.3 million hectares of winter grains have been sown, compared to 9.3 million hectares a year ago and an average of the past five years. This marks the lowest level since 2013. According to SovEcon experts, the pace of grain planting lags behind average figures due to unfavorable weather in the main winter grain growing regions.
