Andrey Sizov
17.01.2025
On Thursday, grain futures declined. The March SRW wheat contract closed at $5.37/bu ($197/mt; -1.8% compared to Wednesday). The March HRW wheat contract in Kansas City closed at $5.48/bu ($201/mt; -1.7%). The March Euronext wheat contract closed at €226.00/mt ($233/mt; -1.0%). The March U.S. corn contract closed at $4.74/bu ($187/mt; -1.7%).
The International Grains Council (IGC) lowered its global corn production forecast by 6.0 mmt to 1.219 billion mt. U.S. corn production was revised down by 7.0 mmt to 377.6 mmt.
The Rosario Grain Exchange cut its forecast for Argentine corn production to 48.0 mmt from the previous range of 50.0-51.0 mmt, citing dry and hot weather conditions.
The share of Argentine corn crops in poor condition increased to 14%, up from 9% a week ago and 3% a year ago, according to the Buenos Aires Grain Exchange.
Egypt’s Mostakbal Misr company announced the signing of several wheat supply agreements with European producers.
The U.S. Department of Agriculture (USDA) reported the sale of 135,000 mt of corn to Taiwan by U.S. exporters.
SovEcon expects Russian wheat exports in January to amount to between 1.8 and 2.2 million metric tons (MMT), down from 3.6 MMT a year earlier. Ukrainian wheat exports for the same period are estimated at 0.8 MMT, down from 1.6 MMT last year. Wheat exports from the Black Sea region have slowed due to lower supply.
