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During the reporting week, from 08.05.24 to 17.05.24, wheat prices rose in the global market. Prices for various types of wheat and other grain products changed as follows:
- Prices for soft red winter wheat on the Chicago Mercantile Exchange (CBOT, ZW) increased to 651.25 cents/bushel (+5.72%).
- Prices for hard red winter wheat on the Kansas City Exchange (KCBT, KE) rose to 661.75 cents/bushel (+0.53%).
- Prices for hard red spring wheat on the Minneapolis Exchange (MGE, MWE) climbed to 711.50 cents/bushel (+0.46%).
Prices for corn contracts on the Chicago Exchange (CBOT, ZC) rose to 452.50 cents/bushel (+1.57%). Rice prices in Chicago (CBOT, ZR) also increased to $18.72/cwt (+2.18%).
In the Russian Federation, prices for wheat, barley, and corn of key types remained unchanged. The Russian wheat index, CPT Novorossiysk, rose to 16661 rubles/ton (+11.62%).
Prices for 4th grade wheat, with 12.5% protein, at port elevators in the Black and Azov Seas regions are as follows:
- Prices in Azov are 12900 (+400) rubles/ton
- Prices in Novorossiysk are 14900 (+900) rubles/ton
- Prices in Rostov-on-Don are 12900 (+400) rubles/ton
- Prices in Tamani are 14900 (+900) rubles/ton
An important event on the agricultural scene in Russia is the appointment of Oksana Lut as the Minister of Agriculture of the Russian Federation. This event will be known to all foreign and domestic partners and business circles.
In the Russian Federation, the sowing period for grains is behind last year's figures. By now, grains and legumes have been sown on an area of 12.98 million hectares (43.2% of the plan). This is 3.9 million hectares less than last year. The wheat sowing area is 3.85 million hectares (28.8%), which is 2.2 million hectares less than last year.
Eight regions of Russia have declared a state of emergency due to recurring frosts in May. In total, the cold period has affected crops in 23 regions. It is expected that in the coming days, frosts will impact more than 20 regions in the Volga, Siberian, Urals, and Southern federal districts. Warmer temperatures are not expected before the middle of next week.
Analysts claim that current forecasts for grain and wheat harvests in Russia have significantly decreased. This is due to unfavorable weather conditions, especially frosts. As a result, IKAR has lowered the wheat harvest forecast by 5 million tonnes - to 86 million tonnes. The "SovEcon" forecast has also been adjusted to 85.7 million tonnes (-3.9 million).
The area of re-sown crops in the Russian Federation after May frosts is approximately 900 thousand hectares, according to the Ministry of Agriculture. Earlier, it was announced that crops on an area of 830 thousand hectares were destroyed by frosts. Agricultural producers are requesting permission to use imported seeds, but this involves paying royalties to unfriendly countries, so the Ministry of Agriculture advocates for the use of domestic materials.
Starting from May 22, 2024, new customs duties on wheat have been introduced. They have been reduced, while barley and corn will have zero rates.
A total of 1057.00 thousand tons of grain worth 15114.7 million rubles were purchased for the state intervention fund at the NTB from 11.12.2023 to 17.05.2024.
