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During the reporting week from December 20 to 27, 2024, wheat prices increased on the global markets. Soft red winter wheat on the Chicago Board of Trade (CBOT, ZW) rose to 546.50 cents/bushel (+2.53%). Hard red winter wheat in Kansas (KCBT, KE) grew to 554.50 cents/bushel (+1.79%). Hard red spring wheat in Minneapolis (MGE, MWE) climbed to 595.25 cents/bushel (+0.85%).
The corn contract on the Chicago Board of Trade (CBOT, ZC) increased to 454.00 cents/bushel (+1.74%). The price of rice in Chicago (CBOT, ZR) decreased to $13.76/cwt (-2.20%).
Russian indicative prices (FOB Black Sea) for wheat dropped to $240.70/ton (-0.29%). Barley decreased to $198.90/ton (-1.68%). The price of corn increased to $230.10/ton (+0.31%).
The Russian wheat index, CPT Novorossiysk, decreased to 18253 rubles/ton (-1.51%).
Purchase prices for 4th class wheat with 12.5% protein at port elevators of the Black and Azov Seas also changed: in Azov, the price was 15500 (0) rubles/ton, in Novorossiysk 18900 (-50) rubles/ton, in Rostov-on-Don 15500 (0) rubles/ton, in Taganrog 15600 (+500) rubles/ton, in Temryuk 17600 (-150) rubles/ton.
GRAIN MARKET NEWS
• The Government of the Russian Federation approved a plan to index the utilization fee for agricultural machinery according to a phased scheme. Starting from 2025, the utilization fee coefficients will be indexed, except for tractors up to 340 HP, which will be indexed from 2026 to 2030. As a result, the utilization fee will increase by 5 times from January 2025. The adjustment will only affect machinery produced in Russia and Belarus. At the same time, quotas have been introduced for the import of foreign equipment to meet demand that cannot be met by domestic and Belarusian manufacturers. When importing under the quotas, the utilization fee will remain at the 2024 level.
• According to Rosstat, the harvest volume of grain and leguminous crops in Russia in 2024 amounted to 124.96 million tons, which is 20 million tons less than the previous year. The wheat harvest decreased to 82.4 million tons from 92.9 million tons in the previous year. There is also a decrease in rye, barley, corn, and buckwheat harvests, while rice harvest increased.
• Around 20 million hectares of winter crops were sown for the 2025 harvest, according to Deputy Prime Minister D. Patrushev. The Hydrometeorological Center warns of a precipitation deficit in December and predicts problems for winter crops in Russia in January. Planting of crops took place in conditions of severe drought, leading to grain non-germination. For example, in the Rostov region, 30% of the 2.9 million hectares of winter crops sown became problematic due to weather conditions.
• Russia extends the temporary ban on the export of rice and rice groats until June 30, 2025. The ban was introduced in July 2022 due to an accident at the Fedorovskoye lock structure in the Krasnodar Territory and has been repeatedly extended.
• The Arbitration Court will consider the General Prosecutor's claim for the recovery of 100% shares of the company "Rodnye Polya" (previously known as LLC "TD RIF"). All assets of the company were seized as a security measure during court proceedings. "TD RIF," founded in 2010, was the main exporter of Russian grain. In spring 2024, the company faced issues with issuing phytosanitary certificates or their refusal. The founder of "TD RIF," Petr Khodykin, claimed an attempted raid takeover.
• The Russian government has set export customs duties on peas, chickpeas, and lentils from January 1, 2025. The export duty rate will be 5% of the customs value.
• The Russian government approved the sale of up to 3 million tons of wheat, rye, and barley from the federal intervention fund stocks in 2025. The last sale took place on December 28. From August 19, 2024, to December 28, 2024, over 120.8 thousand tons of wheat were sold for more than 1.85 billion rubles. In 2024, the government allowed the sale of up to 500 thousand tons of grain from the intervention fund.
• The volume of grain and its processed products exports in Russia since the beginning of 2024 has exceeded 83.5 million tons, which is 4% or 3.5 million tons more than in the same period of 2023 when exports amounted to 80 million tons. In addition to the increase in grain exports, supplies of processed products (various types of flour, cereals, malt, etc.) have also increased, reaching 2 million tons, which is 18% higher than the 2023 figure.
• From January 13, 2025, customs duties on all grain crops will be reduced.
KAZAKHSTAN
• The Ministry of Agriculture of the Republic of Kazakhstan announced the results of the harvesting campaign. Grain and leguminous crops harvested a record yield of 26.7 million tons, including 19.8 million tons of wheat.
• Kazhydromet reports that there are no dangerous weather conditions for wintering winter crops in Kazakhstan regions.
UKRAINE
• Grain exports since the beginning of the agricultural year have already exceeded 21 million tons. 9.6 million tons of wheat and 9.3 million tons of corn were shipped.
