Andrey Sizov
21.02.2025
Wheat prices continued to decline on Thursday. The March SRW wheat contract closed at $5.85/bu ($215/mt), down 1.1% from Wednesday. The March HRW wheat contract in Kansas City fell to $6.07/bu ($223/mt), down 1.0%. The March Euronext wheat contract closed at €227.50/mt ($239/mt), down 0.3%. The March U.S. corn contract rose to $4.98/bu ($196/mt), up 0.1%.
The International Grains Council reduced its global corn production forecast by 3.0 million metric tons (mmt) to 1.216 billion mt. The wheat production forecast was raised by 1.0 mmt to 797.0 mmt.
As of February 17, the share of French wheat crop rated in good or excellent condition rose by 1 percentage point (pp) from the previous week to 74%. A year earlier, the share stood at 69%, compared to a five-year average of 82%.
The share of Argentine corn crop rated in poor condition fell to 30% from 33% the previous week but remained above last year’s level of 15%, according to the Buenos Aires Grain Exchange.
India cut the allowable wheat stock levels for traders to 250 mt from 1,000 mt in an effort to curb rising wheat prices.
Bids for 12.5% wheat in deep-sea ports fell to 17,300–17,800 rub/mt from 17,800–18,400 rub/mt the previous week, SovEcon reported. This marks the first drop in bids since the start of the year. Prices have decreased amid weakening demand from exporters.
