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During the reporting week, from 08/30/24 to 09/06/24, global wheat prices rose on world exchanges. Soft red winter wheat on the Chicago exchange (CBOT, ZW) rose to 553.25 cents per bushel, marking an increase of 3.85%. Hard red winter wheat on the Kansas exchange (KCBT, KE) increased by 3.12% to reach 569.75 cents per bushel. Additionally, on the Minneapolis exchange (MGE, MWE), hard red spring wheat rose by 2.00% to reach 585.25 cents per bushel.
The corn contract on the Chicago exchange (CBOT, ZC) increased by 1.52% to 383.75 cents per bushel. The price of rice in Chicago (CBOT, ZR) rose by 1.86% to $15.30 per hundredweight.
Russian indicative prices (FOB Black Sea) showed the following dynamics: wheat prices remained unchanged at $214.10 per ton, barley prices increased by 1.51% to reach $181.90 per ton, and corn prices decreased by 0.51% to $193.80 per ton.
The Russian wheat index, CPT Novorossiysk, rose to 16588 rubles per ton, representing an increase of 0.67%.
Domestic purchase prices for 4th class wheat with 12.5% protein content located at port elevators of the Black and Azov Seas during the reporting period were as follows:
- Azov – 14200 (0) rubles per ton
- Novorossiysk – 17200 (-100) rubles per ton
- Rostov-on-Don – 14400 (+200) rubles per ton
- Taman – 16200 (+200) rubles per ton
GRAIN MARKET NEWS
- As of September 5, more than 93 million tons of grain were harvested in Russia, including 70.5 million tons of wheat. Winter grain sowings were carried out on an area of 3.3 million hectares, in line with forecasts.
- According to the FGIS "Argus-Phyto", in the first 8 months of 2024, 57.96 million tons of grain and processed products were exported from Russia, which is 3.5 million tons or 7% more than in the same period of 2023. The main volume consisted of wheat – 37.1 million tons.
- The volume of food wheat this year amounts to 32.5 million tons (77.1%), which is 5.7% higher than the same period in 2023, according to the Federal Service for Veterinary and Phytosanitary Surveillance. 42.4 million tons of wheat have been tested.
- The Ministry of Agriculture maintains the forecast for grain harvest in the current year at 132 million tons. The company "ProZerno" revised its grain harvest forecast in Russia for August by 2 million tons down to 126 million tons.
- The FAO forecasts grain production in 2024 at the level of the previous year. The wheat production forecast has been increased, as well as the rice forecast, which will reach a record level.
- Grain trading from the intervention fund this week only took place on Monday. 2.7 thousand tons of 3rd grade wheat were sold. A total of 24.3 thousand tons of grain have been sold since the beginning of the trading.
- Starting September 11, 2024, export duties on wheat and corn will be reduced, while those on barley will remain at zero.
BELARUS
In Belarus, the sowing of winter crops has begun. During this period, 6.8 million tons of grains and legumes were harvested, including 62 thousand tons of corn.
GEORGIA
The government of Georgia has extended the temporary duty on the import of flour, barley, and bran from Russia until March 1, 2025.
KAZAKHSTAN
In Kazakhstan, 6.4 million tons of grain were harvested with an average yield of 15.3 centners per hectare. 4.2 million hectares of grain crops were harvested. In particular, 4.5 million tons of wheat were harvested with a yield of 15 centners per hectare.
The Ministry of Agriculture of Kazakhstan continues to verify the existing stocks of agricultural products and identify discrepancies with official statistical data. The department plans to write off 2.5 million tons of nonexistent grain.
UKRAINE
In Ukraine, 29.1 million tons of grain and 5.8 million tons of oilseeds were harvested. Farmers in 11 regions are already harvesting corn. The sowing of winter grains has also begun.
The pace of Ukrainian grain exports remains significantly higher than last year. By September 6, 7.5 million tons of grains and legumes have been exported, while last year at the same date this figure was 4.9 million tons.
For more information, see the Grain Market Review as of 09/06/2024.
News about the grain market in Russia and the CIS countries can be found on our Telegram channel.
