Andrey Sizov
27.02.2025
On Wednesday, grain prices declined. The May SRW wheat contract closed at $5.80/bu ($213/mt), down 1.4% from Tuesday. The May HRW wheat contract in Kansas City fell to $5.98/bu ($220/mt), down 1.2%. The May Euronext wheat contract closed at €230.00/mt ($241/mt), down 0.8%. The May U.S. corn contract dropped to $4.93/bu ($194/mt), down 0.2%.
On Thursday, the USDA will present its first estimates for grain production in the 2025/26 season as part of its annual forum. Market participants expect corn planted area to increase to 37.9 million hectares from 36.7 million hectares last season. Wheat planted area is projected at 18.9 million hectares, up from 18.7 million hectares a year earlier.
According to market forecasts, the USDA may estimate U.S. corn ending stocks for 2025/26 at 48.5 million metric tons, up from 39.1 million metric tons this season. Wheat ending stocks are expected to reach 22.6 million metric tons, compared to 21.6 million metric tons in 2024/25.
Turkey may introduce import quotas for corn at a reduced tariff in March-April, S&P Global reported, citing sources. Similar measures were implemented in October when the tariff was lowered from 130% to 5% for 1 million metric tons of corn.
SovEcon has lowered its Russian wheat export for the 2024/25 season by 0.6 million metric tons (MMT) to 42.2 MMT. Last season, Russia shipped 52.4 MMT, with a three-year average of 44.2 MMT. The revision reflects the slow shipment pace.
