Andrey Sizov
10.07.2025
Grain futures were stable on Wednesday. The September SRW wheat contract closed at $5.47/bu ($201/mt; -0.1% from Tuesday). The September HRW wheat contract rose to $5.24/bu ($193/mt; +0.3%). The September Euronext wheat contract settled at €196.75/mt ($231/mt; +0.5%). The September U.S. corn contract increased to $3.99/bu ($157/mt; +0.3%).
The USDA will release the July WASDE update on Friday. Market participants expect the U.S. wheat ending stocks estimate to remain unchanged at 22.4 mmt. Corn stocks are expected at 43.7 mmt, down 0.8 mmt from the June forecast. Global wheat stocks are seen at 262.7 mmt (-0.1 mmt), while corn stocks are expected at 277.5 mmt (+2.2 mmt).
Production of winter and early spring wheat in China in 2025 totaled 138.16 mmt, nearly unchanged from 138.22 mmt a year earlier. Despite dry weather ahead of harvest, the crop matched last year’s level.
Bangladesh held a tender to purchase 50 tmt of 12.5% protein wheat. The lowest offer came from JK International at $268.9/mt C&F.
SovEcon has raised its forecast for Russian wheat exports in the 2025/26 season by 2.1 million metric tons (mmt) to 42.9 mmt. Wheat exports in the previous season are estimated at 40.8 mmt. The forecast was increased following an upward revision in production estimates and improved competitiveness of Russian wheat.
