Andrey Sizov
14.07.2025
Grain futures declined on Friday. September SRW wheat closed at $5.45/bu ($200/mt; -1.7% compared to Thursday). September HRW wheat fell to $5.24/bu ($193/mt; -1.9%). September Euronext wheat settled at €201.00/mt ($235/mt; -0.1%). September U.S. corn dropped to $3.96/bu ($156/mt; -0.8%).
USDA released its July WASDE update. Ending stocks of U.S. wheat are estimated at 24.2 mmt (-0.2 mmt compared to last month and the market estimate), and corn at 42.2 mmt (-2.3 mmt from last month and -1.5 mmt from the market estimate).
The global wheat ending stocks forecast was cut by 1.2 mmt to 261.5 mmt due to downward revisions for Canada and Ukraine. Global corn stocks are estimated at 272.1 mmt (-3.2 mmt from last month; -5.4 mmt from the market estimate), mainly due to a lower estimate for beginning stocks in China.
The wheat production forecast for Russia was raised by 0.5 mmt to 83.5 mmt. The wheat export estimate was increased by 1.0 mmt to 46.0 mmt.
Turkey will temporarily waive the import tax on 500 tmt of corn until the end of July, according to the Official Gazette of the Republic of Turkey on Monday.
Algeria’s OAIC will hold a tender on July 15 to purchase a nominal 50 tmt of wheat.
Russia’s wheat export tax will remain at zero for the second consecutive week starting July 16, according to the Agriculture Ministry.
