Andrey Sizov
19.09.2025
U.S. grain futures continued to decline on Thursday. The December SRW wheat contract closed at $5.24/bu ($193/mt; -0.8% from Wednesday). The December HRW wheat contract fell to $5.10/bu ($187/mt; -1.2%). The December Euronext wheat contract settled at €192.25/mt ($227/mt; unchanged). The December U.S. corn contract declined to $4.24/bu ($167/mt; -0.7%).
Brazil’s Conab released its first estimate for 2025/26 corn production, forecasting the crop at 138.3 mmt, down from 139.7 mmt in 2024/25. However, corn exports are expected to increase to 46.5 mmt, up from 40.0 mmt this season.
The share of Argentina’s wheat crop rated good or excellent declined to 97% (-1 percentage point week over week) but remains well above last year’s level and the five-year average of 71%, the Buenos Aires Grain Exchange reported.
The USDA reported that exporters sold 110 tmt of corn to Mexico.
SovEcon has raised its forecast for Russian wheat production in 2025 by 1.1 mmt to 87.2 mmt. The figure is expected to be well above last year’s 82.6 mmt and close to the multi-year average of 88.3 mmt. The revision follows record-high yields in Siberia and the Urals.
