Andrey Sizov
28.07.2025
Grain prices declined on Friday. The September SRW wheat contract closed at $5.38/bu ($198/mt; -0.6% from Thursday). The September HRW wheat contract fell to $5.26/bu ($193/mt; -0.4%). The September Euronext wheat contract settled at €195.50/mt ($230/mt; -0.8%). The September U.S. corn contract declined to $3.99/bu ($157/mt; -0.5%).
Argentine President Javier Milei announced a sweeping reduction in export taxes on agricultural products ahead of the country’s October midterm elections. The export tax on corn was lowered from 12% to 9.5%, on sunflower from 7.5% to 5.5%, on soybeans from 33% to 26%, and on soy products from 31% to 24.5%, Milei said. The wheat export tax will remain at 9.5%.
As of July 24, Ukrainian farmers had harvested 7.1 mmt of wheat (vs. 14.7 mmt a year ago) from 2.2 mlh ha (3.5 mlh ha) with an average yield of 3.3 mt/ha (4.2 mt/ha), according to the Ministry of Economy of Ukraine. Total grain harvested in the country amounted to 10.3 mmt, compared to 19.2 mmt last year.
Starting July 30, Russia’s wheat export tax will remain at zero for the fourth consecutive week, according to data from the Russian Agriculture Ministry.
