Andrey Sizov
25.11.2025
On Monday grain futures declined. March SRW wheat futures settled at $5.35/bu ($196/mt; -0.9% from Friday), March HRW fell to $5.22/bu ($192/mt; -0.7%), March Euronext wheat closed at €190.25/mt ($219/mt; -0.9%), and March U.S. corn futures slipped to $4.37/bu ($172/mt; -0.2%).
As of Nov. 23, the U.S. corn harvest was 96% complete, down from 100% a year earlier and 97% on the five-year average, the USDA said.
U.S. winter wheat planting was 97% complete, in line with last year and the five-year average, according to the USDA. The share of crops rated good or excellent stood at 48%, the lowest for this time in three years but slightly above the late-November average of 46%.
In the week ended Nov. 20, U.S. wheat export inspections totaled 475 tmt, above analysts’ estimates of 200–400 tmt, the USDA reported. Wheat loadings increased for the first time in three weeks.
The USDA also reported exporters sold 123 tmt of soybeans to China for 2025/26. Since late October, total U.S. soybean sales to China have reached 1.9 mmt.
Snow cover has formed across 87–90% of Russia, said Roman Vilfand, head scientist at the Hydrometeorological Center. Snow has yet to fall in the southern parts of the Central and Volga federal districts, as well as in the Southern and North Caucasus federal districts.
Saudi agency GFSA purchased 300 tmt of wheat at $258–260/mt C&F for March–April delivery in an international tender, European traders said.
Russian farmers are selling grain and oilseeds at a record pace, likely reflecting a difficult financial situation, SovEcon said in a report.
