Andrey Sizov
13.03.2025
Grain prices in Chicago declined on Wednesday. The May SRW wheat contract closed at $5.54/bu ($204/mt; -0.5% compared to Tuesday). The May HRW wheat contract in Kansas rose to $5.73/bu ($211/mt; +0.2%). The May Euronext wheat contract settled at €223.25/mt ($243/mt; +0.9%). The May U.S. corn contract fell to $4.61/bu ($181/mt; -2.0%).
The European association COCERAL lowered its 2025 grain production forecast for the EU and the UK by 1.7 mmt from December to 296.1 mmt. The previous year’s harvest totaled 278.2 mmt. Wheat production is estimated at 137.2 mmt, down from 140.4 mmt in December but up from 125.1 mmt a year earlier. Corn production is forecast at 63.3 mmt, compared to 61.9 mmt in December and 58.8 mmt last year.
The European Union will impose tariffs on U.S. corn starting April 1 and on soybeans from April 13. These measures are in response to the 25% tariffs on European steel and aluminum imports to the U.S.
Tunisia’s ODC agency will hold a tender on March 13 to purchase 100,000 mt of milling wheat of optional origin for April-May shipment.
Algeria’s OAIC purchased about 450,000 mt of milling wheat at $268.5/mt (C&F) in an international tender, according to European traders. Traders indicated that most of the wheat will be sourced from Black Sea countries.
SovEcon estimates Russian wheat exports in March at 1.4 to 1.8 million metric tons (MMT), down from 4.8 MMT last year and 3.3 MMT on a five-year average. Exports are expected to decrease by two thirds YoY due to negative exporter margins and low competitiveness of Russian wheat.
