Andrey Sizov
23.04.2025
On Tuesday, grain futures declined. The July SRW wheat contract closed at $5.50/bushel ($202/mt; -0.4% compared to Monday). The July HRW wheat contract in Kansas City fell to $5.58/bushel ($205/mt; -1.0%). The September Euronext wheat contract settled at €208.25/mt ($238/mt; -2.0%). The July corn contract closed at $4.83/bushel ($190/mt; -1.4%).
Between July 1, 2024, and April 20, 2025, EU soft wheat exports totaled 17.2 million metric tons (mmt), down from 26.1 mmt a year earlier, according to data from the European Commission. Analysts warned that grain export figures from France and Italy for 2024 remain incomplete.
Morocco’s agriculture ministry estimates the country’s grain production this season at 4.4 mmt, up from 3.1 mmt a year earlier. In recent years, grain output in the country has declined significantly due to dry weather.
As of April 22, Russia lifted its ban on wheat imports from Kazakhstan, which had been in place since October 17, 2024, according to the Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor).
Jordan purchased 60,000 metric tons of durum wheat at $261.70/mt (C&F) in an international tender.
SovEcon estimates Russian wheat exports in April at 2.0 million metric tons (MMT), compared to 5.0 MMT a year ago and an average of 3.5 MMT over the past five years. Russia continues to export wheat at below-average pace for the fourth consecutive month. Exports slowed down due to low profitability and decreased competitiveness of Russian wheat.
