15.04.2025, 14:21
Wheat, Corn, and Soy: Futures Decline, Exports Rise
Wheat prices drop across U.S. exchanges amid weather forecasts and planting pace
On April 14, 2025, wheat futures dropped across all U.S. exchanges. SRW in Chicago fell to $5.47 1/2, HRW in Kansas City dropped to $5.55 1/4, and HRS in Minneapolis declined to $6.04 3/4. The decline was driven by expected rainfall in drought-affected U.S. regions and slower planting progress: spring wheat is 7% planted, while winter wheat condition deteriorated by 1%, now rated 47% good/excellent.
Weekly U.S. wheat exports totaled 604.5 thousand tonnes, up 80% from the previous week. Leading destinations were Mexico and Japan. Since the beginning of the marketing year, exports reached 18.3 million tonnes (+14.4% year-on-year). Starting April 16, Russia will raise its export duty on wheat to 2,210.7 RUB/t. In Ukraine, the wheat harvest is forecasted to decline to 21.5 million tonnes (–1%), while Egypt expects to boost output to 10 million tonnes, and India has harvested 38% of its wheat area.
Corn prices fall, exports accelerate
Corn futures declined: May contracts to $4.85, July to $4.92 3/4, and December to $4.62. U.S. corn planting is 4% complete, slightly below the 5-year average. Weekly corn exports reached 1.83 million tonnes (+34%). The main buyers were Mexico, Japan, and Taiwan. Cumulative season exports reached 37.5 million tonnes (+30.5%). Ukraine is projected to increase corn production to 29.2 million tonnes (+18%).
Soybeans: Stable Planting, Mixed Price Trend
May soybean futures declined to $10.41 3/4, while November contracts rose to $10.28 1/2. U.S. soybean planting covers 2% of the intended area. Weekly soybean exports totaled 546 thousand tonnes, down 33% from the previous week but up 22% year-on-year. Despite trade duties, China remained the top importer. In March, soybean shipments to China increased to 3.5 million tonnes, though Q1 totals fell 7.9% year-on-year to 17.11 million tonnes.
🔑 Key Takeaways:
🔹 Wheat prices drop across U.S. exchanges amid weather forecasts and planting pace.
🔹 U.S. exports surge: wheat and corn shipments significantly exceed last week's levels.
🔹 Ukraine and Egypt reshape supply dynamics: Ukraine sees corn growth, Egypt eyes record wheat crop. Russia hikes wheat export duty.