Andrey Sizov
03.04.2025
Wheat futures were steady to higher on Wednesday. The May SRW wheat contract closed at $5.39/bu ($198/mt), down 0.2% from Tuesday. The May HRW wheat contract in Kansas City rose to $5.68/bu ($209/mt), up 0.6%. The May Euronext wheat contract settled at €222.00/mt ($241/mt), up 0.2%. The May U.S. corn contract declined to $4.58/bu ($180/mt), down 0.9%.
The U.S. president declared April 2 a “Day of Liberation” and announced new import tariffs on goods from most countries. Tariffs will be set at 34% for China and 20% for the European Union, one of the United States’ key trading partners.
From July 1, 2024, through April 2, 2025, Ukraine exported 32.9 million metric tons (mmt) of grain, compared to 36.0 mmt during the same period a year earlier, according to the Ministry of Agrarian Policy.
As of April 1, grain exports from the European Union totaled 24.4 million metric tons (mmt), down from 35.9 mmt a year earlier, according to data from the European Commission. The Commission’s analysts cautioned that export figures for France and Italy in 2024 remain incomplete.
Last week, bids for 12.5% wheat in Russian deep-sea ports rose to 17,600-18,000 rub/mt from 17,300-17,800 rub/mt, according to SovEcon. This marked the first increase since mid-February, supported by a rise in demand from exporters and limited supply.
