Andrey Sizov
25.06.2025
Grain futures continued to decline on Tuesday. September SRW wheat closed at $5.52/bu ($203/mt; -3.1% from Monday). September HRW wheat dropped to $5.50/bu ($202/mt; -2.7%). September Euronext wheat settled at €200.00/mt ($232/mt; -2.1%). September U.S. corn fell to $4.12/bu ($162/mt; -1.2%).
Brazilian farmers may harvest a record safrinha corn crop, according to Agroconsult. The agency forecasts second-crop corn production at 123.3 mmt, 10.4 mmt above its May estimate and 20.2 mmt higher than last year’s output.
The base price used to calculate Russia’s wheat export tax will remain unchanged in the new season, while the base prices for barley and corn may increase by RUB 1,000, Interfax reported, citing sources.
The wheat harvest has started in Russia’s Krasnodar region, the country’s second-largest wheat producer, Governor Veniamin Kondratyev said. As of the report, 160 tmt of grain had been harvested from 35,000 hectares out of a planned 1.7 million hectares.
Egypt purchased between 0.3 and 1.0 mmt of wheat over the past several weeks from Russia, Ukraine and Romania at prices ranging from $250 to $258 C&F, Reuters reported, citing sources.
USDA reported private exporters sold 630 tmt of U.S. corn to Mexico for delivery in 2025/26 and 2026/27.
The EU crop monitoring service MARS raised its EU wheat yield forecast to 6.05 mt/ha from 6.04 mt/ha last month, citing strong prospects in southern Europe. However, analysts warned of drought risks to crops in northern EU countries.
From July 1 to June 22, 2025, EU soft wheat exports totaled 19.9 mmt, down from 30.5 mmt a year earlier, according to European Commission data. The Commission noted that 2024 export figures for France and Italy remain incomplete.
In June, Russian exporters set bids for a new wheat crop at RUB 14,500/t ($184/t). A year ago, wheat prices were at 15,250 rub/mt ($173/mt).
