Andrey Sizov
13.08.2025
Grain futures declined on Tuesday. The September SRW wheat contract closed at $5.05/bu ($186/mt; -1.9% from Monday). The September HRW wheat contract fell to $5.11/bu ($188/mt; -1.6%). The September Euronext wheat contract settled at €192.75/mt ($225/mt; -1.0%). The September U.S. corn contract plunged to $3.71/bu ($146/mt; -3.5%).
The USDA released its August WASDE report. U.S. wheat ending stocks were left unchanged at 24.2 mmt, 0.2 mmt above market expectations. Corn ending stocks were raised to 53.8 mmt, up 11.6 mmt from July and 5.5 mmt above expectations. Global wheat stocks were estimated at 260.1 mmt (-1.4 mmt from July; -1.5 mmt vs. market), and corn at 285.5 mmt (+10.4 mmt from last month; +4.0 mmt vs. market).
The USDA raised its U.S. corn yield estimate to 11.8 mt/ha, compared with 11.6 mt/ha expected and 11.4 mt/ha in July.
The USDA left its Russian wheat and corn production forecasts unchanged at 83.5 mmt and 15.0 mmt, respectively. Ukraine’s corn production was raised by 1.5 mmt to 32.0 mmt; the wheat estimate remained at 22.0 mmt.
Wheat quality in Altai Krai, Siberia’s largest producing region, may deteriorate due to heavy rains during the harvest, said Alexander Chebotaev, head of the regional Agrosoyuz.
Between July 1 and August 10, the EU shipped 1.4 mmt of soft wheat, down from 3.3 mmt a year earlier, according to European Commission data. Analysts cautioned that data for France, Bulgaria, and Ireland remains incomplete.
