Andrey Sizov
14.11.2025
Wheat futures were mostly steady on Thursday. December SRW wheat settled at $5.36/bu ($197/mt; -0.1% from Wednesday). December HRW wheat rose to $5.26/bu ($193/mt; +0.1%). December Euronext wheat closed at €189.50/mt ($220/mt; -0.4%). December U.S. corn rose to $4.41/bu ($174/mt; +1.4%).
The Buenos Aires Grain Exchange raised its estimate for Argentina’s wheat production by 2 mmt to 24 mmt, which would mark a record high. The forecast was revised amid historically high yields in several regions of the country.
As of November 12, Argentina’s wheat harvest was 17% complete, in line with last year’s level, according to BAGE.
Corn planting in Argentina reached 37% as of November 12, slightly behind 39% a year earlier but close to average, BAGE reported.
Winter wheat planting in France reached 68% as of November 10, compared to 38% a year ago and 61% on average, according to FranceAgriMer. The share of crops rated good or excellent stood at 98%, up from 88% last year.
The French corn harvest was 96% complete, compared to 69% in 2024 and 90% on average, FranceAgriMer said.
As of November 1, wheat stocks in Kazakhstan stood at 20 mmt, up from 18.8 mmt a year earlier, according to the national statistics bureau. The 2025 figure is the highest in at least 12 years.
Average prices for Russian 12.5% protein wheat in the European part of the country fell by 150 rub to 13,700 rub/mt last week, according to SovEcon’s price monitoring. This marks a new low for 2025 and the lowest level since August 2024. The decline was driven by high supply of the new crop in non-southern regions.
