Andrey Sizov
14.01.2025
On Monday, U.S. grain futures rose. The March SRW wheat contract closed at $5.45/bush ($200/mt), up 2.7% from Friday. The March HRW wheat contract in Kansas City closed at $5.61/bush ($206/mt), up 1.7%. The March U.S. corn contract rose to $4.76/bush ($188/mt), up 1.3%. The March Euronext wheat contract closed at €234.00/mt ($239/mt), up 0.4%.
Wheat futures were likely supported on Monday by funds closing short positions. Open interest in the March SRW wheat contract fell by 6,000 contracts to 255,000.
Egypt’s wheat imports in 2024 totaled 14.2 million metric tons (mmt), up from 10.8 mmt the previous year, according to Asharq Business. This marks the highest import level in the past 10 years.
A heatwave in Argentina over the next few days could impact corn and soybean yields, meteorologist German Heinzenknecht said. He noted that hot and dry conditions will persist until Friday, after which rains are expected.
On Sunday, 80 mm of rain fell in Brazil’s Minas Gerais state, triggering landslides, local authorities reported. The state produces about 7% of the country’s corn output.
Sberbank has exited Russia’s subsidized agricultural lending program amid tighter monetary policy, Izvestia reported, citing agribusiness representatives and regional authorities. Regional officials noted that the credit limits allocated to Sberbank have been redistributed to other financial institutions.
