Andrey Sizov
03.09.2025
Wheat futures declined on Tuesday. The December SRW wheat contract closed at $5.28/bu ($194/mt; -1.1% from Friday). The December HRW wheat contract fell to $5.11/bu ($188/mt; -1.6%). The December Euronext wheat contract settled at €190.00/mt ($221/mt; -0.9% from Monday). The December U.S. corn contract rose to $4.23/bu ($167/mt; +0.7% from Friday).
For the week ending August 28, U.S. exporters shipped 0.8 mmt of wheat, above expectations of 0.3–0.7 mmt.
As of August 31, 72% of the U.S. spring wheat crop had been harvested, slightly ahead of the market estimate of 70% and the five-year average of 71%, according to the USDA.
Kazakhstan plans to harvest more than 20 mmt of grain in 2025, weather permitting, Agriculture Minister Azat Sultanov said. Most of the country’s grain production comes from wheat.
Between July 1 and August 31, the EU shipped 2.6 mmt of soft wheat, down from 4.6 mmt a year earlier, according to European Commission data. Export figures for France, Bulgaria, and Ireland remain incomplete, analysts cautioned.
SovEcon raised its forecast for Russian wheat exports in the 2025/26 season by 0.4 mmt to 43.7 mmt. A year earlier, Russia shipped 40.8 mmt of wheat. The forecast was revised upward amid favorable crop prospects, though shipments in the first months of the season remain historically low.
