Andrey Sizov
31.01.2025
Wheat futures continued to rise on Thursday. The March SRW wheat contract closed at $5.66/bu ($208/mt; +0.7% compared to Wednesday). The March HRW wheat contract in Kansas City increased to $5.88/bu ($216/mt; +1.4%). The March Euronext wheat contract closed at €234.50/mt ($244/mt; +0.9%). The March corn contract declined to $4.90/bu ($193/mt; -1.4%).
The share of Argentine corn crops in poor condition rose to 22% from 20% a week earlier and 11% a year ago, according to the Buenos Aires Grain Exchange.
The probability of late frosts in the central European part of Russia is estimated at 20-40%, according to the Russian Hydrometeorological Center. In southern regions, the likelihood of frosts is close to zero, meteorologists report.
A fire broke out at the large Rondonópolis grain terminal in Mato Grosso, Brazil. The fire was contained, and the terminal continues to operate as usual. Terminal management has not commented on potential losses.
February temperatures in key agricultural regions of India could rise up to 5°C above average, Reuters reported, citing sources. Higher temperatures could negatively impact crop yields.
Morocco has suspended imports of feed grain from Germany due to a foot-and-mouth disease outbreak, the grain traders’ federation FNCL reported. According to Reuters, the restrictions will remain in place until the outbreak ends or regions deemed safe for shipments are identified.
SovEcon has lowered its forecast for Russian wheat exports in the 2024/25 season to 42.8 million metric tons (MMT) from 43.7 MMT a month earlier. This marks a sharp decline from 52.4 MMT last season and is also below the three-year average of 44.2 MMT. The revision reflects the slow shipment pace and challenging export conditions.
