Andrey Sizov
30.09.2024
On Friday, wheat futures slightly declined. The December SRW wheat contract closed at $5.80/bu ($213/mt; -0.7% compared to Thursday). The December HRW wheat contract in Kansas City dropped to $5.77/bu ($212/mt; -0.4%). The December Euronext wheat contract closed at €221.00/mt ($247/mt; -0.1%). The December U.S. corn contract increased to $4.18/bu ($165/mt; +1.2%).
The European Commission lowered its estimate for EU wheat production by 1.5 million tons to 114.6 million tons. The forecast for corn production was also reduced by 1.5 million tons to 60.1 million tons.
Ukraine’s grain production may fall to 54.6 million tons in 2024 from 60.0 million tons last year, according to the country’s new Minister of Agricultural Policy, Vitaliy Koval. As of September 24, 34.3 million tons of grain had been harvested, according to the Ministry of Agricultural Policy.
On September 30, the U.S. Department of Agriculture will release its quarterly grain stocks report. Market analysts estimate wheat stocks at 53.7 million tons, up from 48.1 million tons a year earlier, and corn stocks at 46.8 million tons, up from 34.5 million tons a year ago.
The Russian export duty on corn will increase to 2,786 RUB/mt from 293 RUB/mt the previous week, starting October 2, as reported by the Russian Ministry of Agriculture.
