Andrey Sizov
22.09.2025
On Friday, wheat futures edged lower. December SRW wheat closed at $5.22/bu ($192/mt; -0.3% compared to Thursday). December HRW wheat fell to $5.07/bu ($186/mt; -0.5%). December Euronext wheat settled at €190.75/mt ($224/mt; -0.8%). December U.S. corn rose to $4.24/bu ($167/mt; +0.1%).
The International Grains Council (IGC) raised its September forecast for global wheat production by 7.7 mmt to 818.7 mmt. It also increased projected carryover stocks among major exporters by 5.0 mmt to 68.0 mmt.
The European association Coceral revised its estimate for total grain production in the EU and UK to 306.8 mmt from 300.7 mmt in June. Wheat production was revised up to 147.4 mmt from 143.1 mmt, while the corn forecast was lowered to 56.7 mmt from 60.6 mmt.
Since the start of the harvest, Russian farmers have harvested 114 mmt of grains, including 84 mmt of wheat, according to Agriculture Minister Oksana Lut. The ministry maintained its grain production forecast at 135 mmt.
As of Sept. 18, Ukrainian farmers harvested 29.8 mmt of grain (down from 31.9 mmt a year earlier) from 7.1 mln ha (7.5 mln ha) with an average yield of 4.20 t/ha (4.24 t/ha), according to the Ministry of Economy. Wheat harvest totaled 22.5 mmt (22.3 mmt in 2024), corn — 0.4 mmt (2.4 mmt).
Starting Sept. 24, Russia’s wheat export duty will rise to 655.6 rub/mt from 495.9 rub/mt a week earlier, the Agriculture Ministry reported.
On Sept. 23, Algeria’s OAIC will hold a tender for a nominal 50 tmt of milling wheat for October–November shipment. According to traders, OAIC purchased about 1 mmt of wheat at the July tender.
