Andrey Sizov
23.05.2025
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Wheat futures edged lower on Thursday. July SRW wheat closed at $5.44/bu ($200/mt; -0.9% compared to Wednesday). July HRW wheat in Kansas City slipped to $5.40/bu ($198/mt; -0.1%). September Euronext wheat settled at €209.25/mt ($236/mt; -1.3%). July corn rose to $4.63/bu ($182/mt; +0.4%).
The share of French wheat rated good or excellent declined by 2 percentage points to 71%, according to FranceAgriMer.
Russia has removed the minimum recommended export price for wheat through the end of the current export season, Reuters reported, citing sources. One source noted that the recommended price for May and June had been set at $250/mt before the suspension.
For the week ending May 15, U.S. exporters sold 882 tmt of wheat for delivery in the 2025/26 season, above market expectations of 300–700 tmt, according to USDA data.
SovEcon raised its 2025 wheat production forecast by 1.2 million metric tons (MMT) to 81.0 MMT (vs 82.6 MMT in 2024). SovEcon also published its first estimate for Russia’s total 2025 grain and legume crop, projecting it at 127.6 MMT, up from 125.9 MMT a year earlier. The total crop is expected to grow amid increased barley, corn, and other grains output, offsetting the anticipated decline in wheat production.
