Prices on the global grain markets are fluctuating: wheat is rising, corn is falling.

Last week, from 16.02.24 to 23.02.24, world prices for wheat behaved differently. Prices for the following types of wheat changed: - Soft red winter wheat on the Chicago Mercantile Exchange (CBOT, ZW) rose to 573.50 cents/bushel (+2.32%); - Hard red winter wheat on the Kansas City Board of Trade (KCBT, KE) increased to 568.75 cents/bushel (+0.26%); - Hard red spring wheat on the Minneapolis Grain Exchange (MGE, MWE) decreased to 641.50 cents/bushel (-2.02%); Prices for the contract on corn on the Chicago Mercantile Exchange (CBOT, ZC) decreased to 399.75 cents/bushel (-4.02%). The price for rice in Chicago (CBOT, ZR) rose to $18.60/cwt (+1.53%). Russian indicative prices (FOB Black Sea): - Wheat decreased to $240.50/ton (-2.39%); - Barley decreased to $181.30/ton (-2.11%); - Corn rose to $185.70/ton (+0.27%); The Russian wheat index, CPT Novorossiysk, decreased to 12957 rubles/ton (-2.31%). The procurement levels on the domestic market for 4th class wheat with 12.5% protein at the port elevators of the Black and Azov Seas are as follows: - Azov - 11600 (0) rubles/ton; - Novorossiysk - 14000 (0) rubles/ton; - Rostov-on-Don - 11700 (0) rubles/ton; - Taganrog - 11200 (0) rubles/ton; - Tambov - 14000 (0) rubles/ton. Spring field work has already begun, including fertilizing winter crops in southern regions and the North Caucasus, according to the Minister of Agriculture D. Patrushev. The total area of winter crops this year is 20 million hectares. Over 94% of the crops are in good and satisfactory condition, which is more than last year. In total, the sown area in 2024 increased by 300 thousand hectares to reach 84.5 million hectares. The Ministry of Industry and Trade of Russia is considering a plan to increase the tax rate on agricultural machinery by 5-10 times, which could lead to higher prices for imported tractors and combines from 5 million to 10 million rubles per unit. Representatives of the agricultural sector and agricultural machinery dealers have called on the Ministry of Industry and Trade and the Ministry of Agriculture to abandon this initiative, emphasizing that it could lead to price increases for products and negatively impact domestic machinery manufacturers, according to an information source. In 2023, Russia exported 66 million tons of grains, including 51 million tons of wheat, according to the Ministry of Agriculture. This year, the potential for grain exports to foreign markets is estimated at 70 million tons, and for leguminous crops at 4 million tons. Farmers in some southern regions have already started fieldwork in February using available opportunities. Fertilization of winter and early spring crops has begun. Most regions do not plan to significantly increase the sown areas and aim to at least maintain last year's levels, according to an analytical review by an information agency. The pace of wheat flour exports from Russia for the current agricultural year (from July 1, 2023, to June 30, 2024) allows for forecasting a new record, according to a study by the Institute for Agricultural Market Studies (IKAR). In the 2022/23 season, Russia exported 830 thousand tons of flour, and in the current season from August to January, about 560 thousand tons have already been shipped. Customs duties on wheat and corn will decrease starting from February 28, 2024, while those on barley will significantly increase. As a result of trading on the Federal Wholesale Grain Exchange from 11.12.2023 to 22.02.2024, the State Intervention Fund purchased 744.1 thousand tons of grain for a total of 10552.3 million rubles. **KYRGYZSTAN:** The Ministry of Agriculture of the Kyrgyz Republic plans to increase the production of 9 main agricultural products by 2028. These goals were set in the draft Concept for the Development of the Agricultural Sector for the period 2024-2033. Wheat production is expected to increase by 195%. **UKRAINE:** Since the beginning of the 2023/24 season, 28.1 million tons of grains and legumes have been exported compared to 30.7 million tons in the previous year. This includes the shipment of 11 million tons of wheat (also 11 million in 2023) and 15.2 million tons of corn (17.6 million tons in 2022).