Andrey Sizov
13.05.2025
U.S. Grain futures declined on Monday. July SRW wheat closed at $5.15/bu ($189/mt; -1.2% compared to Friday). July HRW wheat in Kansas fell to $5.08/bu ($187/mt; -1.8%). September Euronext wheat settled at €204.50/mt ($227/mt; +0.9%). July U.S. corn dropped to $4.48/bu ($176/mt; -0.4%).
The USDA released its May WASDE report. Ending stocks for U.S. wheat in the current season are estimated at 22.9 mmt (-0.1 mmt from last month; -0.2 mmt vs. the forecast), and for corn at 35.9 mmt (-1.3 mmt; -0.8 mmt). Global wheat stocks are estimated at 265.2 mmt (+4.2 mmt month-on-month; +4.5 mmt vs. the forecast), and corn at 287.3 mmt (+0.2 mmt; -0.4 mmt).
The USDA also published its first projections for ending stocks in the 2025/26 season. U.S. wheat stocks are projected at 25.1 mmt (+1.6 mmt vs. the market estimate), and corn stocks at 45.7 mmt (-5.6 mmt). Global wheat stocks are forecast at 265.7 mmt (+4.5 mmt vs. the market), and corn at 277.8 mmt (-19.5 mmt).
As of May 11, 54% of U.S. winter wheat was rated in good or excellent condition, up 3 percentage points from the previous week, according to the USDA. The market had expected 51%, and the figure stood at 50% a year earlier.
U.S. corn planting is 62% complete, compared to 47% a year earlier and the market estimate of 60%. Spring wheat planting is 66% complete, versus 62% expected and 59% last year.
Voronezh region is preparing to declare a state of emergency to mitigate losses from late April and early May frosts, Interfax reported, citing the regional administration.
Algeria’s state grain agency OAIC will hold a tender on May 14 for a nominal 50,000 mt of soft wheat, according to European traders.
