Andrey Sizov
12.02.2025
On Tuesday, U.S. grain prices declined. The March wheat SRW contract closed at $5.77/bu ($212/mt; -0.4% compared to Monday). The March HRW wheat contract in Kansas fell to $5.93/bu ($218/mt; -0.7%). The March Euronext wheat contract closed at €236.00/mt ($245/mt; -0.3%). The March U.S. corn contract declined to $4.84/bu ($191/mt; -1.5%).
The USDA released its February WASDE report. The estimate for U.S. wheat ending stocks was lowered to 21.6 million metric tons (mmt) (-0.1 mmt from the previous forecast and market expectations). The estimate for U.S. corn stocks remained unchanged at 39.1 mmt (+0.3 mmt above market expectations). The USDA lowered its global ending stocks estimates for wheat to 257.6 mmt (-1.3 mmt from January; -1.0 mmt from market expectations) and for corn to 290.3 mmt (-3.0 mmt; -2.2 mmt).
The USDA cut its corn production forecasts for Argentina and Brazil by 1.0 mmt to 50.0 mmt and 126.0 mmt, respectively.
The USDA lowered its export estimates for Russian and Ukrainian wheat by 0.5 mmt to 45.5 mmt and 15.5 mmt, respectively. The estimate for Ukrainian corn exports was reduced by 1.0 mmt to 22.0 mmt.
France’s agriculture ministry raised its estimate for soft wheat planted area to 4.57 million hectares from 4.51 million hectares in December. The 2025 planted area is 10% higher than last year and 0.4% above the long-term average.
The Egyptian government plans to increase its domestic wheat procurement by 11% to 4.0 mmt in the 2024/25 season, according to Asharq Business.
