Grain Market Overview as of July 12, 2024
Global Wheat Prices: Mixed trends were observed with soft red winter wheat prices dropping, while hard red winter and spring wheat prices showed slight increases.
Corn and Rice Prices: Corn prices decreased, whereas rice prices experienced a significant rise.
Russian Market: Indicative prices for wheat dropped slightly, barley prices rose, and corn prices showed a small increase. Domestic purchase prices for wheat varied, with some ports showing price reductions.
Export Dynamics: Russian wheat exports are forecasted to decrease significantly compared to the previous year. Total grain export certifications increased by 21% year-over-year.
Regulatory Changes: New customs duties will be implemented from July 17, 2024.
Agricultural Production: Over 32 million tons of grains have already been harvested in Russia, with a yearly forecast of 132 million tons.
Conclusion:
The grain market is experiencing various shifts in prices and volumes, reflecting changes in both global and local markets. Regulatory changes and harvest outputs are notably impacting market dynamics.
