Andrey Sizov
17.02.2025
On Thursday, U.S. grain prices rose. The March wheat SRW contract closed at $6.00/bu ($220/mt; +3.9% compared to Wednesday). The March HRW wheat contract in Kansas rose to $6.21/bu ($228/mt; +3.8%). The March Euronext wheat contract closed at €232.75/mt ($244/mt; +0.8%). The March U.S. corn contract rose to $4.96/bu ($195/mt; +0.6%).
Wheat prices were supported by deteriorating weather conditions in the U.S. and Russia. In Kansas, the largest winter wheat-producing state in the U.S., temperatures could drop to -20°C to -25°C with minimal snow cover (1–2 cm), posing a high risk of winterkill. In Russia, temperatures are expected to fall to -18°C to -20°C in Voronezh and northern Rostov Regions on February 18–19, with a snow cover of 2–5 cm, also threatening crops.
The DXY index fell below 107 points for the first time since December on Friday, closing at 106.8 (-0.3% compared to Thursday).
The USDA reported that exporters sold 100,000 metric tons (mt) of corn to Colombia.
Western Australia’s wheat crop totaled 12.5 million metric tons (mmt), 1.6 mmt higher than the December forecast, according to the Grain Industry Association of Western Australia (GIWA).
Russia will impose a tariff quota on grain exports from February 15 to June 30. The quota for wheat and meslin is set at 10.6 mmt. Exports beyond the quota will be subject to a 50% tariff, but not less than €100/mt.
Corn planting in Brazil accelerated amid relatively dry weather. As of February 14, 45% of the planned area had been planted, compared to 23% a week earlier. A year ago, planting progress stood at 65%, while the five-year average was 54%.
