Andrey Sizov
23.01.2026
On Thursday, U.S. grain futures rose. The March SRW wheat contract closed at $5.15/bu ($189/mt; +1.5% vs. Wednesday). The March HRW wheat contract rose to $5.26/bu ($193/mt; +1.2%). The March Euronext wheat contract closed at €189.50/mt ($223/mt; unchanged). The March U.S. corn contract rose to $4.24/bu ($167/mt; +0.6%).
Andrey Sizov: “Wheat prices bounced from recent lows as funds reduced historically high short positions amid growing concerns over Northern Hemisphere weather, with stronger broader commodity markets providing an additional tailwind.”
Argentina’s corn planting was 93% complete as of Jan. 21, down from 98% a year earlier, according to the Buenos Aires Grain Exchange (BAGE). The share of the crop rated normal to excellent fell to 89%, from 95% a week earlier and 94% a year earlier. Crop conditions edged lower amid dry weather.
As of Jan. 14, the average price for fourth-grade food wheat (typically 12.0-12.5% protein content) in European Russia fell to 13,050 rubles per metric ton ($165/mt) from 13,150 rubles/mt ($168/mt) a week earlier and 13,250 rubles/mt ($172/mt) a month earlier, according to SovEcon’s report. This is the lowest price since July 2024, when wheat was priced at 12,900 rubles/mt ($146/mt). Wheat prices declined amid high supply in regions distant from ports and relatively weak demand.
