Andrey Sizov
15.09.2025
Grain futures continued to rise on Friday. The December SRW wheat contract closed at $5.23/bu ($192/mt; +0.4% from Thursday). The December HRW wheat contract increased to $5.15/bu ($189/mt; +0.9%). The December Euronext wheat contract settled at €189.75/mt ($223/mt; +0.1%). The December U.S. corn contract climbed to $4.30/bu ($169/mt; +2.5%).
A state of emergency due to soil drought has been declared in five more districts of Russia’s Rostov region, acting Governor Yuri Slyusar ordered. The emergency regime now covers 27 out of the region’s 43 districts.
The USDA released its September WASDE report. U.S. corn yield was revised down to 186.7 bu/acre (11.7 mt/ha) from 188.8 bu/acre (11.8 mt/ha) in August and is nearly in line with analysts’ estimate of 185.7 bu/acre (11.7 mt/ha). Corn planted area was raised to 90 million acres (36.4 million ha) from 88.7 million acres (35.9 million ha) in August and the market estimate.
The USDA lowered its U.S. wheat ending stocks forecast to 23.0 mmt, down 0.6 mmt from August and 0.5 mmt below market expectations. Corn ending stocks were trimmed to 53.8 mmt, down 0.2 mmt from last month but 2.7 mmt above expectations. Global wheat stocks were estimated at 264.1 mmt (+4.0 mmt from August; +3.0 mmt vs. market), and corn stocks at 281.4 mmt (-1.1 mmt; -0.2 mmt).
Russia’s wheat export duty will rise to 495.9 rub/mt starting September 17, up from 168.6 rub/mt a week earlier, the Agriculture Ministry said.
