Andrey Sizov
13.02.2025
On Wednesday, wheat prices declined. The March wheat SRW contract closed at $5.74/bu ($211/mt; -0.5% compared to Tuesday). The March HRW wheat contract in Kansas fell to $5.91/bu ($217/mt; -0.2%). The March Euronext wheat contract closed at €232.00/mt ($241/mt; -1.7%). The March U.S. corn contract rose to $4.90/bu ($193/mt; +1.3%).
The USDA reported an export sale of 130,000 metric tons (mt) of corn to unknown destinations.
FranceAgriMer lowered its 2024/25 French wheat export forecast to 3.4 million metric tons (mmt) from 3.5 mmt in January. Agency representatives stated that the low competitiveness of French wheat and a relatively small crop led to reduced exports, despite Russia’s introduction of an export quota.
Algeria’s OAIC purchased 550,000–600,000 mt of wheat at $262–264/mt (C&F) in an international tender, according to traders. They noted that the suppliers were Black Sea countries.
Jordan has scheduled a tender for the supply of 120,000 mt of wheat on February 18. No deals were concluded in the previous tender held on Tuesday.
As of January 1, total wheat stocks amounted to 28.7 million metric tons (MMT), according to SovEcon based on quarterly Rosstat data. Stocks are 21% below last year’s level, with the gap widening from 14% in October. The increase of the gap is driven by active sales from agricultural producers.
