Andrey Sizov
01.07.2025
Grain futures declined on Monday. The September SRW wheat contract closed at $5.38/bu ($198/mt; -0.4% compared to Friday). The September HRW wheat contract fell to $5.27/bu ($193/mt; -1.3%). The September Euronext wheat contract settled at €195.00/mt ($230/mt; -0.5%). The September U.S. corn contract declined to $4.09/bu ($161/mt; -0.5%).
The USDA released its quarterly Grain Stocks report. Corn stocks totaled 117.9 mln mt, matching market expectations, down from 126.9 mln mt a year earlier. Wheat stocks came in at 23.2 mln mt, above the market estimate of 22.8 mln mt and last year’s level of 18.9 mln mt.
The USDA also issued its annual Acreage report. U.S. corn planted area was estimated at 38.5 mln ha, slightly below the market forecast of 38.6 mln ha and the USDA’s March estimate. Wheat acreage was reported at 18.4 mln ha, in line with both the market consensus and the USDA’s previous forecast.
As of June 29, U.S. winter wheat harvest was 37% complete, up from 19% a week earlier and compared to the five-year average of 42%, according to USDA data.
The share of U.S. corn in good and excellent condition rose to 73% as of last week, up from 70% the previous week, the USDA said.
Argentina’s Ministry of Economy raised the corn export duty from 9.5% to 12% effective July 1. Export duties on wheat and barley will remain at 9.5% until March 31, 2026. In January, Argentina reduced duties on major agricultural exports to financially support farmers.
As of June 28, Brazilian farmers had harvested 17% of the second corn crop, compared to 48% a year ago and a five-year average of 28%. The harvest is progressing slowly due to rainfall.
