Andrey Sizov
10.02.2025
On Friday, U.S. grain prices declined. The March wheat SRW contract closed at $5.83/bu ($214/mt; -0.9% compared to Thursday). The March HRW wheat contract in Kansas fell to $6.04/bu ($222/mt; -0.5%). The March Euronext wheat contract closed at €234.75/mt ($242/mt; +0.3%). The March U.S. corn contract dropped to $4.87/bu ($192/mt; -1.6%).
The USDA will release the February revision of the WASDE report on Tuesday. Market participants expect U.S. wheat stocks to total 21.7 million metric tons (mmt) (unchanged from January) and corn stocks to be 38.8 mmt (-0.3 mmt). Global wheat stocks are projected at 258.6 mmt (-0.2 mmt) and corn stocks at 292.5 mmt (-0.8 mmt).
The FAO Food Price Index for January was 124.9 points, down 1.6% from December. The Cereal Price Index stood at 111.7 points, 0.3% higher than in December.
Wheat production in Turkey for the 2024/25 season is forecast at 19 mmt, down from 21 mmt the previous year, according to analysts from the USDA’s Foreign Agricultural Service. The decline in Turkey’s grain production is attributed to dry weather conditions.
The “Food for Progress” program may continue under agreements signed in 2024, the USDA reported. Previously, the program had been suspended as part of a freeze on international aid initiatives.
