Andrey Sizov
12.12.2025
On Thursday, grain futures were mixed. March SRW wheat settled at $5.33/bu ($196/mt; +0.8% vs Wednesday). March HRW wheat slipped to $5.22/bu ($192/mt; -0.2%). March Euronext wheat closed at €188.50/mt ($221/mt; -0.8%). March U.S. corn futures rose to $4.46/bu ($176/mt; +0.5%).
Argentina’s Rosario exchange raised its 2025/26 wheat production estimate by 2.2 mmt to a record 27.7 mmt. The Buenos Aires Grain Exchange estimates Argentina’s wheat output at 25.5 mmt, while USDA puts it at 24.0 mmt.
As of Dec. 10, Argentina’s wheat harvest was 60% complete, down from 64% a year earlier, according to the Buenos Aires Grain Exchange (BAGE). Wheat yields are seen at 4.14 mt/ha, up from 2.68 mt/ha a year ago.
Argentina’s corn planting was 59% complete as of Dec. 10, up from 56% a year earlier, BAGE data showed. Crop conditions for 100% of the area were rated normal or excellent, compared with 99% a year earlier.
The Grain Industry Association of Western Australia (GIWA) cut its wheat production forecast for the region by 50 000 t to 13.0 mmt. Despite the revision, output is still seen at a record level and 4% above last season’s 12.5 mmt.
Tunisia’s state grain agency ODC bought 125 000 t of soft wheat at $256-$257/mt C&F and 100 000 t of durum wheat at $318-$320/mt C&F in an international tender.
SovEcon has lowered its forecast for Ukraine’s corn exports in the 2025/26 season (July–June) by 0.4 million metric tons (mmt) to 26.8 mmt amid slow shipment pace in the first half of the season and abundant supply on the global market.
