Andrey Sizov
22.01.2025
Wheat prices surged on Tuesday. The March SRW wheat contract closed at $5.59/bu ($205/mt; +3.7% compared to Friday). The March HRW wheat contract in Kansas closed at $5.75/bu ($211/mt; +4.9%). The March Euronext wheat contract closed at €231.25/mt ($241/mt; +2.1% compared to Monday). The March U.S. corn contract rose to $4.90/bu ($193/mt; +1.2% compared to Friday).
Andrey Sizov: The wheat market received support from a sharp drop in the US Dollar following the absence of immediate tariff hikes on President Trump’s first day in office. On Tuesday, the US Dollar Index closed at 108.1, down 1.2% from Friday. Additional support came from a cold snap in US winter wheat regions, where minimum temperatures plunged to -20 to -23°C (-7 to -8°F) with limited snow cover, raising concerns about potential winterkill.
Egypt’s Mostakbal Misr purchased a large shipment of Russian wheat to be delivered this month, Reuters reported, citing sources familiar with the matter. The sources indicated that Russia’s United Grain Company (UGC) participated in the deal. However, the Russian Grain Exporters Union, citing UGC management, stated that the company had not signed contracts with Mostakbal Misr for wheat supplies.
Ukrainian bread producers plan to request government restrictions on wheat flour exports to curb rising bread prices.
Jordan purchased 60,000 mt of milling wheat at $268/mt C&F with April delivery through an international tender held on January 21.
