Andrey Sizov
27.03.2025
On Wednesday, U.S. grain futures declined. The May SRW wheat contract closed at $5.35/bu ($197/mt; -1.5% compared to Tuesday). The May HRW wheat contract in Kansas City fell to $5.65/bu ($208/mt; -0.7%). The May Euronext wheat contract closed at €222.00/mt ($239/mt; +0.8%). The May U.S. corn contract dropped to $4.51/bu ($178/mt; -1.4%).
The European Commission declined to lift sanctions on Rosselkhozbank or reconnect it to the SWIFT payment system. Commission spokesperson Anita Hipper stated that a possible condition for lifting sanctions would be the “withdrawal of all Russian armed forces from the entire territory of Ukraine.”
Egyptian Prime Minister Mostafa Madbouly said the country holds enough wheat stocks to cover four months of consumption.
Morocco estimates its grain production at 5.2 million metric tons, down 49% from last year, according to the country’s agriculture ministry.
Between March 1 and 26, Ukraine exported 3.0 million metric tons of grain and pulses, down from 4.5 million mt a year earlier, according to data from the Ministry of Agrarian Policy. Since the beginning of the season, exports totaled 32.2 million mt compared to 34.2 million mt the previous year.
SovEcon has lowered its forecast for Russian wheat exports in the 2024/25 season by 1.5 million metric tons (MMT) to 40.7 MMT. This is lower than the 52.4 MMT shipped last year and the five-year average of 40.9 MMT. Russian wheat shipments have slowed due to low supply and negative exporter margins.
