Andrey Sizov
25.09.2025
On Wednesday, U.S. grain prices declined. December SRW wheat closed at $5.19/bu ($191/mt; -0.2% vs. Tuesday). December HRW wheat dropped to $5.07/bu ($186/mt; -0.9%). December Euronext wheat settled at €190.50/mt ($224/mt; +0.3%). December U.S. corn fell to $4.24/bu ($167/mt; -0.5%).
On September 24, Ukrainian drones attacked Novorossiysk by air and sea, according to media reports. Later, Tuapse port was also targeted by sea-based drones. Bloomberg reported that the Caspian Pipeline Consortium (CPC) terminal and the Sheskharis oil transshipment complex in Novorossiysk halted operations the same day. Both facilities are key to Russian oil exports.
Following Argentina’s suspension of export taxes, China purchased about 20 cargoes—or 1.3 mmt—of Argentine soybeans, according to traders familiar with the matter. Most of the soybeans are scheduled for delivery in late 2025.
Argentina reinstated export taxes on wheat, corn, soybeans, and soy products after the declared export value reached $7 billion, the Argentine agency ARCA reported. The taxes had been suspended on Monday. Prior to the suspension, export taxes were 9.5% for wheat and corn, 26% for soybeans, and 24.5% for soy products.
As of now, Russia has harvested 121 mmt of grain, including 87 mmt of wheat, said Agriculture Minister Oksana Lut. The ministry’s 2025 forecast for grain output remains at 135 mmt, including 90 mmt of wheat.
Export prices for Russian 12.5% protein wheat rose by $1.5 to $228–229/mt FOB, according to SovEcon’s price monitoring. Before that, Russian wheat prices had been declining for four straight weeks. Prices were supported by limited wheat supply, a stronger ruble, and global market conditions.
