Andrey Sizov
11.07.2025
Wheat futures rose on Thursday. The September SRW wheat contract closed at $5.54/bu ($204/mt; +1.4% from Wednesday). The September HRW wheat contract climbed to $5.35/bu ($196/mt; +2.0%). The September Euronext wheat contract settled at €201.25/mt ($235/mt; +2.3%). The September U.S. corn contract held steady at $3.99/bu ($157/mt; unchanged).
Brazil’s Conab raised its 2024/25 corn production forecast to 132.0 mmt from 128.3 mmt in June. Last year’s output totaled 115.5 mmt.
U.S. exporters sold 1.3 mmt of corn for delivery in the 2024/25 season (September–August) in the week ending July 3, exceeding market expectations of 0.4–0.9 mmt, according to USDA data. Exporters also booked 0.9 mmt for the 2025/26 season versus expectations of 0.2–0.7 mmt.
The USDA separately reported the sale of 110 tmt of corn to unknown destinations.
Russian Deputy Prime Minister Dmitry Patrushev instructed the Ministry of Agriculture to take necessary measures to support the country’s agricultural exports.
As of July 9, 36% of France’s soft wheat area had been harvested, up from 4% a year earlier and well above the five-year average of 15%, according to FranceAgriMer.
In Argentina, 6.1 mln ha out of the planned 6.7 mln ha had been planted with wheat as of July 9, up from 5.9 mln ha a year earlier, according to the Buenos Aires Grain Exchange.
Argentina had harvested 4.9 mln ha of corn out of the planned 7.1 mln ha as of July 9, down from 5.1 mln ha out of 7.6 mln ha at the same time last year. Yields are estimated at 7.47 mt/ha.
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.
