Andrey Sizov
21.11.2025
Grain futures continued to decline on Thursday. March SRW wheat closed at $5.41/bu ($199/mt; -1.6% from Wednesday). March HRW wheat fell to $5.24/bu ($192/mt; -1.5%). March Euronext wheat settled at €192.75/mt ($222/mt; -0.8%). March U.S. corn dropped to $4.38/bu ($172/mt; -0.9%).
The International Grains Council (IGC) raised its 2025/26 global wheat production forecast by 3 mmt to 830 mmt, citing improved crop prospects in Kazakhstan and Argentina. The global corn production outlook was raised by 1 mmt to 1,297 mmt. The wheat ending stocks forecast was left unchanged at 275 mmt; corn ending stocks were increased by 1 mmt to 300 mmt.
USDA reported exporters sold 462 tmt of soybeans and 132 tmt of white wheat to China for delivery in 2025/26.
Saudi Arabia’s GFSA will hold a tender on November 21 to purchase 300 tmt of hard wheat for February–April 2026 shipment.
As of November 19, Argentina’s wheat harvest was 20% complete, down from 29% a year earlier, according to the Buenos Aires Grain Exchange (BAGE).
As of November 12, Argentina’s corn planting was 37% complete versus 39% a year ago, BAGE said. Crop conditions were rated normal to excellent for 100% of the planted area, up from 98% last year.
