Russia’s wheat export volumes from Black Sea ports were stable in the week ended Friday, July 26 compared with the previous week, at 574,653 tonnes, a Fastmarkets analysis of port line-up data showed.

In the 2023/24 marketing year, Russian wheat exports surpassed 55.4 million tonnes, driven by increased harvests and competitive prices, although restrained by government-mandated floor prices and shifting dynamics among exporters.

The start of the Black Sea region’s new wheat marketing year from Monday, July 1 offers an opportunity to look back on the previous marketing year and to focus on Ukraine’s experience and the effect that the self-declared humanitarian corridor has had on the country’s agricultural exports.

US corn futures dropped for a sixth consecutive trading day on Wednesday June 26 while rain continued to fall in growing areas of the Midwest, with market participants positioning before a USDA acreage report to be released on Friday.

Updated forecast by trade association Cocereal pegs 2024 wheat crop slightly higher than previous projections

A report by the USDA forecasts an increase in US ending stocks for 2024/25 to 769 million bushels, alongside a slight decrease in global stockpile estimates.

The Ukrainian Grain Association estimated the 2024/25 crop of oilseeds and grains in Ukraine at 74.6 million tonnes, down by 2% from the initial forecast of 76.1 million tonnes in March.

Morocco and Algeria faced challenges with wheat and barley production due to drought conditions, leading to below-average forecasts

Brazil's agricultural exports soared in the first week of March, which underscores the country's pivotal role in global food supply

The boost to the outlook is due to higher than expected yields and larger planted areas, compared to the drought-affected 2022/23 year