Agri- Commodities: 17-21/2/25
Feb 24, 2025
Monday saw a quiet session with CBOT closed for a U.S. holiday, leading to lower trading volumes in Euronext futures. Despite Friday’s rally in U.S. wheat, MATIF milling wheat futures ended weaker. The Saudi wheat tender was a key highlight, with the country purchasing 920k tons—well above the initial 595k ton target—while Russian wheat prices firmed slightly at $247 per ton FOB. Meanwhile, Brazil’s soybean harvest remained behind schedule, at 23% complete, compared to 32% last year.
On Tuesday, CBOT prices rebounded, supported by strong U.S. corn inspections and winterkill concerns for wheat. EU soft wheat exports reached 13.3 MMT, though data gaps suggest the actual year-on-year decline is closer to 4.5–5.0 MMT. U.S. weekly export inspections exceeded expectations for corn but fell short for wheat and soybeans. Additionally, NOPA reported a January soybean crush of 200.4 million bushels, below market forecasts.
Midweek, Wednesday saw a broad market pullback, particularly in U.S. wheat, as cold-weather risks diminished. Non-commercial traders covered a significant portion of their short positions in MATIF milling wheat, reducing their net short position from 52.4k to 37.5k contracts. Meanwhile, funds continued to add to their net long position in MATIF rapeseed. In international trade, Bangladesh’s wheat tender drew a lowest offer of $295.21 per ton, while Jordan secured 60k tons of feed barley at a price lower than its previous purchase.
On Thursday, market action was mixed. Wheat declined while soybeans found support from renewed heat risks in Argentina and speculation about a new U.S.-China trade deal. The International Grains Council (IGC) adjusted its global grain production estimates, raising wheat by 1 MMT to 797 MMT but lowering corn by 3 MMT to 1,216 MMT due to South American crop concerns. Meanwhile, India tightened wheat stock limits for traders, aiming to curb inflation ahead of the upcoming harvest.
Friday closed the week with downward pressure on corn, as funds likely took profits after an extended rally. Despite broader market volatility, prices across grains held within a 1% range. French soft wheat conditions improved slightly, with 74% rated good/excellent, up from 69% last year. U.S. weekly export sales were robust across wheat, corn, and soybeans, meeting or exceeding expectations. Speculators aggressively covered CBOT wheat shorts, reducing their net short position by a quarter, while adding to net long positions in corn. Looking ahead, the USDA’s Annual Agricultural Outlook Forum on February 27-28 will provide the first official projections for the 2025/26 marketing year, with a key focus on expected acreage shifts between corn and soybeans.
Weekly Recaps
Freight
Freight Recap:
18/12/25
Dec 18, 2025
The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.
Commodities
Agri- Commodities:
08-12/12/25 Agri
Dec 15, 2025
CBOT markets finished lower ahead of Tuesday’s WASDE, which was widely expected to lack bullish surprises. MATIF wheat was the exception, posting small gains. Russian 12.5% protein wheat FOB for January delivery edged up by $0.5 w/w to $227.5/t, according to IKAR. Geopolitical headlines remained in focus after Ukrainian President Volodymyr Zelenskiy said US-brokered peace talks remain stalled over security guarantees and control of eastern Ukraine, particularly the Donbas.
Freight
Freight Recap:
11/12/25
Dec 11, 2025
The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.
Commodities
Agri- Commodities:
01-05/12/25 Agri
Dec 08, 2025
USDA announced no new flash sales, disappointing soybean markets. Weekly export sales remain delayed and have not yet reached the period covering the US–China trade deal, leaving the true pace of buying uncertain. CBOT corn and wheat eased, while March MATIF wheat posted small gains after finding support at intraday contract lows. ABARES raised Australia’s 2025/26 wheat, barley, and canola output, though the increases were broadly in line with expectations. Algeria’s OAIC issued a soft wheat tender for February shipment, and Russian wheat prices slipped again, with 12.5% FOB for January at $227/t.
