Andrey Sizov
13.01.2026
On Monday, grain futures fell under pressure from a bearish WASDE report. Chicago SRW wheat for March settled at $5.11/bu ($188/mt; -1.2% from Friday). Kansas City HRW wheat for March slipped to $5.27/bu ($194/mt; -0.7%). Euronext wheat for March settled at €189.25/mt ($221/mt; -1.3%). U.S. corn for March tumbled to $4.21/bu ($166/mt; -5.4%).
USDA released its January WASDE update. U.S. ending wheat stocks were raised to 25.2 mmt (+0.7 mmt month to month; +0.8 mmt vs. market expectations), and corn stocks were increased to 56.6 mmt (+5.1 mmt; +6.5 mmt).
USDA pegged global wheat ending stocks at 278.3 mmt (+3.4 mmt month to month; +2.3 mmt vs. market expectations) and corn stocks at 290.9 mmt (+11.3 mmt; +11.8 mmt).
USDA raised its estimate of Russia’s wheat crop by 2.0 mmt to 89.5 mmt (excluding Crimea). Its wheat export forecast was unchanged at 44.0 mmt.
USDA’s quarterly grain stocks report also came in above market expectations. Corn stocks as of Dec. 1 totaled 337.4 mmt (+8.1 mmt vs. market expectations), while wheat stocks were 45.6 mmt (+1.1 mmt).
On the evening of Jan. 12, drones struck two tankers flying the flags of Panama and San Marino that were involved in transporting Ukrainian vegetable oil and corn.
Egypt imported 13.2 mmt of wheat in 2025, down 8% from a year earlier, Asharq reported, citing official documents.
