Over the past week, wheat, soybean, soymeal, and soyoil futures in Chicago rose moderately, while corn futures rose minimally. In Paris, wheat and corn futures increased moderately, and rapeseed futures rose significantly.
According to data from the Ministry of Agriculture of Ukraine as of 04.07.2024, 3.361 million tons of grain have been harvested from 967,200 hectares with an average yield of 3.48 tons per hectare.
ProZerno forecasts a total grain production in Russia for 2024/25 at 128.2 million tons (compared to 144.9 million tons in 2023/24), including wheat production of 82 million tons (92.8), barley production of 17.5 million tons (21.1), and corn production of 15 million tons (16.6).
In 2023/24, Russia exported 68.4 million tons of grain (55.9 million in 2022/23), including 55.9 million tons of wheat, 6.9 million tons of barley (5), and 5.3 million tons of corn (4.3).
In their June report, analysts from MARS forecast an average yield of soft wheat in the EU in 2024 at 5.86 tons/hectare (5.86 on average over the last five years).
During the past week, wheat, soymeal, and soyoil futures in Chicago experienced minimal declines, while corn futures plummeted and soybean futures declined moderately. In Paris, the September wheat contract saw minimal gains, but others declined; corn futures decreased moderately, while rapeseed futures increased significantly.
In their June forecast, analysts from StatsCan estimate wheat acreage in Canada at 26.641 million acres (27.05 million in March and 26.93 million in 2023/24).
According to government data, record high temperatures in China in recent weeks and the lack of rainfall in the country's production areas will reduce the corn production.
