Andrey Sizov
10.06.2025
Grain futures declined on Monday. The July SRW wheat contract closed at $5.42/bu ($199/mt; -2.3% compared to Friday). The July HRW wheat contract in Kansas dropped to $5.37/bu ($197/mt; -2.1%). The September Euronext wheat contract settled at €201.75/mt ($230/mt; -1.5%). The July U.S. corn contract fell to $4.33/bu ($171/mt; -2.0%).
The USDA will release its June WASDE update on June 12. Market participants estimate U.S. wheat ending stocks at 22.9 mmt (unchanged from last month) and corn at 35.4 mmt (-0.5 mmt month-on-month). Global wheat ending stocks are seen at 265.1 mmt (-0.7 mmt MoM) and corn at 278.8 mmt (+1.0 mmt).
Winter wheat harvest in the U.S. was 4% complete as of June 8, up from 3% a week earlier and below the market estimate of 8%, USDA data show.
As of June 8, 54% of U.S. winter wheat was rated in good or excellent condition, up from 47% a year earlier and above the market estimate of 52%. Spring wheat was rated 53% good/excellent, down from 72% last year and slightly above the 51% market estimate.
U.S. corn exports for the week ending June 5 totaled 1.66 mmt, above the market range of 1.00–1.60 mmt, according to USDA.
Soil drought has been reported in eight districts of the Rostov region, according to the North Caucasus weather service. The regional center in Krasnodar also reports persistent soil drought in nine districts of the Krasnodar region.
