Andrey Sizov
23.09.2025
Grain futures declined on Monday. December SRW wheat closed at $5.11/bu ($188/mt; -2.3% compared to Friday). December HRW wheat dropped to $5.02/bu ($185/mt; -1.0%). December Euronext wheat settled at €189.00/mt ($223/mt; -0.9%). December U.S. corn fell to $4.22/bu ($166/mt; -0.6%).
The Argentine government temporarily suspended export duties on wheat, corn, soybeans, and soy products. The suspension will remain in place until the end of October or until declared exports reach $7 billion. Previously, export duties were set at 9.5% for wheat and corn, and 26% and 24.5% for soybeans and soy products, respectively.
As of Sept. 21, the U.S. corn harvest was 11% complete, in line with both market expectations and the multi-year average. Spring wheat harvest was 96% complete, matching the average and trailing market estimates by 1 pp.
As of Sept. 21, 20% of planned U.S. winter wheat area had been planted, compared to the five-year average of 23% and market expectations of 22%.
For the week ending Sept. 18, U.S. wheat export shipments totaled 0.9 mmt, above the expected range of 0.3–0.5 mmt.
The USDA reported that exporters sold 320 tmt of corn to Mexico.
