Global Ag News For Dec 2.2025

TOP HEADLINES

Russian bank VTB to create agriculture giant from nationalised assets, CEO says

Russian’s second-largest bank VTB plans to create a large agricultural holding from nationalized assets it had bought in the southern regions in December 2024, VTB’s CEO Andrei Kostin told Reuters.

He said the new holding will focus on domestic processing of grains and other agricultural products and suggested that the company could be sold at a later stage.

“After all, we should develop high value-added products, not only processing oil but possibly grain as well,” Kostinm said.

The assets were nationalised in 2023 after an arrest warrant was issued for its former owner Andrei Korovaiko, and his business partner, Arkady Chebanov, who were accused of corruption. Both are now living abroad.

The assets have been consolidated into a company, called Agrocomplex Labinski.

Labinski owns 240,000 hectares of land, producing grains, milk, sugar, and other agricultural products. The company says that it exports up to 400,000 metric tons of grains and oilseeds annually.

 

FUTURES & WEATHER

Wheat prices overnight are down 3 1/4 in SRW, down 4 in HRW, up 0 in HRS; Corn is unchanged; Soybeans up 4 1/4; Soymeal up $0.10; Soyoil up 0.31.

For the week so far wheat prices are down 6 3/4 in SRW, down 4 3/4 in HRW, down 0 in HRS; Corn is down 2; Soybeans down 2 1/2; Soymeal down $3.90; Soyoil up 0.82.

Markets finished last week with wheat prices down 3 in SRW, up 1/4 in HRW, up 0 in HRS; Corn is up 9; Soybeans up 12; Soymeal down $3.80; Soyoil up 2.35.

Year-To-Date nearby futures are down 3.9% in SRW, down 7.6% in HRW, down 2.6% in HRS; Corn is down 5.3%; Soybeans up 13.7%; Soymeal up 1.1%; Soyoil up 30.9%.

Chinese Ag futures (JAN 26) Soybeans up 9 yuan; Soymeal down 6; Soyoil up 6; Palm oil up 18; Corn up 6 — Malaysian Palm is up 63.

Malaysian palm oil prices overnight were up 63 ringgit (+1.54%) at 4157.

There were changes in registrations (-34 Soyoil, -35 Soymeal). Registration total: 34 SRW Wheat contracts; 124 Oats; 80 Corn; 1,131 Soybeans; 731 Soyoil; 333 Soymeal; 176 HRW Wheat.

Preliminary changes in futures Open Interest as of December 1 were: SRW Wheat up 4,768 contracts, HRW Wheat up 2,722, Corn down 8,707, Soybeans down 3,160, Soymeal down 1,287, Soyoil up 78.

 

Daily Weather Headlines: 02 December 2025

• NORTH AMERICA: Northern U.S. winter wheat areas will observe winterkill temperatures, but the crop should be protected by ample snow cover
• SOUTH AMERICA: Hailstorms were observed across the Argentinian Pampas over the last days, posing a risk of local damage to mature wheat crops
• SOUTHEAST ASIA: Tropical activity has brought flooding rains up to 225 mm to the northern regions of Sumatra (Indonesia) and Peninsular Malaysia
• SOUTH ASIA: Cool and dry weather over the major India wheat regions will facilitate the completion of the planting campaign through the next 10-15 days
• TROPICS: Tropical Storm Koto has weakened to depression degree, lingering over the southern coast of Vietnam without any impact on coffee regions

 

HEAVY RAINS PERSIST ACROSS CENTRAL BRAZIL, WHILE DRY CONDITIONS PREVAIL IN THE PAMPAS

What to Watch:

• Dry weather across the central/south Pampas
• Heavy rains in Central Brazil, while dry in South Brazil

  

Brazil Rio Grande do Sul and Parana: Scattered showers Monday, north Tuesday. Mostly dry Wednesday-Friday. Temperatures near normal through Friday.

Brazil Mato Grosso, MGDS and southern Goias: Isolated showers Monday. Scattered showers Tuesday-Friday. Temperatures near to above normal Monday, near normal Tuesday-Friday.

Argentina Cordoba, Santa Fe, Northern Buenos Aires: Isolated showers Monday. Mostly dry Tuesday-Friday. Temperatures below normal Monday, near normal Tuesday, above normal Wednesday-Friday.

Argentina La Pampa, Southern Buenos Aires: Isolated showers Monday. Mostly dry Tuesday-Friday. Temperatures below normal Monday, near normal Tuesday, above normal Wednesday-Friday.

Northern Plains: Mostly dry Monday. Isolated snow Tuesday. Temperatures below to well below normal Monday, near to below normal Tuesday. Outlook: Isolated to scattered showers Wednesday-Sunday. Temperatures near to below normal through Sunday.

Central/Southern Plains: Isolated to scattered showers Monday. Mostly dry Tuesday. Temperatures below to well below normal through Tuesday. Outlook: Mostly dry Wednesday. Isolated showers Thursday-Friday. Mostly dry Saturday-Sunday. Temperatures near to below normal Wednesday-Friday, near to above normal west and below normal east Saturday, near to above normal Sunday.

 

The player sheet for 12/1 had funds: net sellers of 1,500 contracts of SRW wheat, sellers of 7,000 corn, sellers of 5,500 soybeans, sellers of 3,000 soymeal, and buyers of 1,500 soyoil.

TENDERS

• WHEAT PURCHASE: Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) purchased about 65,000 metric tons of animal feed wheat in an international tender on Tuesday
• RICE TENDER: Bangladesh’s state grains buyer issued another international tender to purchase 50,000 metric tons of rice, European traders said. The deadline for the submission of price offers is December 15, and offers must remain valid until December 29. Bangladesh has also issued tenders seeking 50,000 tons of rice with price offers to be submitted on December 1 and December 9, following other tenders in November.
• RICE TENDER UPDATE: The lowest price offered in the international tender from Bangladesh’s state grains buyer to purchase 50,000 metric tons of rice, which closed on Monday, was estimated at $351.49 a metric ton CIF liner out, traders said. Offers were still being considered and no purchase had yet been reported, they said.

PENDING TENDERS

• RICE TENDER: Bangladesh’s state grains buyer issued an international tender to purchase 50,000 tons of rice, European traders said. The deadline for submission of price offers was November 20.
• RICE TENDER UPDATE: The lowest price offered in a tender from the Trading Corporation of Pakistan to purchase 100,000 metric tons of rice for supply to Bangladesh was estimated at $394.95 CIF liner out, European traders said. The deadline for submitting price offers was November 28.
• BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said. The deadline for submission of price offers is December 3.

 

 

 

 

TODAY

US Inspected 1.421m Tons of Corn for Export, 920k of Soybeans

In week ending Nov. 27, according to the USDA’s weekly inspections report.

• Corn: 1,421k tons vs 1,696k the previous wk, 949k a yr ago
• Soybeans: 920k tons vs 809k the previous wk, 2,110k a yr ago
• Wheat: 385k tons vs 480k the previous wk, 299k a yr ago

 

US Corn, Soybean, Wheat Inspections by Country: Nov. 27

Following is a summary of USDA inspections for week ending Nov. 27 of corn, soybeans and wheat for export, from the Grain Inspection, Packers and Stockyards Administration, known as GIPSA.

• Soybeans for Italy-bound shipments made up 202k tons of the 920k total inspected
• Japan was the top destination for corn inspections, Vietnam led in wheat

 

US Export Sales of Soy, Corn and Wheat for Week Ending Oct. 23

The following shows US export sales of soybeans, corn and wheat by biggest net buyers for week ending Oct. 23, according to data on the USDA’s website.

• Top buyer of soybeans: Mexico with 233k tons
• Top buyer of corn: Mexico with 798k tons

 

US Export Sales of Pork and Beef for Week Ending Oct. 23

The following shows US export sales of pork and beef product by biggest net buyers for week ending Oct. 23, according to data on the USDA’s website.

• Mexico bought 21.6k tons of the 39.3k tons of pork sold in the week
• Japan led in beef purchases

 

Brazil Soybean Planting 89% Done as of Nov. 27: AgRural

Planting of Brazil’s 2025/26 soybean crop reached 89% of the estimated area as of Nov. 27, compared with 81% a week earlier and 91% a year ago, according to an emailed report from consulting firm AgRural.

• Although rainfall has improved in the Cerrado region, the “patchy” precipitation pattern is still causing dry spots, especially in Mato Grosso, Goias, Maranhao and Piaui states, AgRural said
• Planting of the 2025/26 summer corn crop in Brazil’s Center-South region is 99% completed, compared with 93% a week earlier and 97% a year ago

 

Patria Agronegocios slightly adjusts forecast for Brazil 2025/26 soy production, area

Brazil’s soybean production is expected to reach 171.89 million metric tons in 2025/26, agribusiness consultancy Patria Agronegocios said on Monday, bumping up its outlook by 0.2% from a mid-November projection.

• The estimated output would also represent a 1.4% increase from the 2024/25 season.
• Planted soybean area is forecast to hit 48.58 million hectares (120 million acres), up 0.9% from the previous estimate and above the 47.69 million hectares planted a year earlier, Patria said.
• Still, the expected growth in planted area, in percentage terms year-over-year, would be the smallest in recent decades, according to Patria.
• “The start of the 2025/26 harvest is more challenging than last season, with climate irregularities still persisting in several regions,” it said.
• Brazil is the world’s largest soybean producer and exporter.

 

StoneX trims outlook for Brazil’s 2025/26 soybean, corn crops

Brazil’s soybean production is expected to reach 177.2 million metric tons in 2025/26, consultancy firm StoneX said on Monday, cutting its outlook by 0.9% from a November projection.

• The revision reflects productivity cuts in Mato Grosso and Goias states, which are major producers, despite a slight expansion in the planted area, StoneX said.
• “Irregular rainfall, especially in regions that account for a large share of Brazilian production, continues to impact production potential,” it added in a statement.
• Despite the cut, the forecast still points to a record crop.
• The country’s total corn crop is forecast to hit 134.4 million tons in 2025/26, StoneX said, lowering its estimate by 0.6%.
• The projection for the second corn crop was reduced by 1.1% to 105.8 million tons, as delays in the soybean cycle may affect the start of planting.

 

Argus Sees Russia’s 2026-27 Wheat Output Falling to 86.5m Tons

Russia is forecast to harvest 86.5m tons of wheat for the 2026-27 season, according to estimates from Argus after a virtual crop tour.

• That compares with 88.4m tons for the 2025-26 season and is broadly in line with the five-year average of 86.4m tons
• Sees winter-wheat production rising slightly to 62m tons next season
  • Expects a slight decrease in winter-wheat planted area in 2026-27 to 15.8m hectares
  • Says winter sowing has been slowed by autumn rain, which also delayed the harvest of spring crops
  • “In addition to weather conditions, farmers are trying to switch to oilseeds when possible because oilseed cultivation has been more profitable than grains in recent seasons”
• Still, conditions for winter crops, including wheat, are good in most wheat-producing regions, with sufficient soil moisture levels
  • Soil moisture levels have been replenished and are starting to improve at 1m depth, even in regions that have had prolonged drought such as Rostov and parts of Krasnodar
• Sees spring-wheat production possibly declining in 2026-27, after the current season’s record due to strong output in Siberia
• NOTE: The estimates do not include Ukrainian territories occupied by Russia

 

Paraguay Trade Group Sees Small Delay to First Soy Harvest

The start of Paraguay’s first 2026 soy harvest will probably be delayed by several weeks until the second half of January after cool weather shortly after planting slowed crop growth, said Hugo Pastore, executive director of grain and oilseed export group Capeco.

• “The crop was slightly delayed in its development but it’s nothing serious,” Pastore said in a telephone interview
• Capeco thinks production from next year’s two soy harvests could be similar to the approx. 10 million metric tons harvested in 2025
• Soy that benefited from rains during planting in September and October is entering its critical growth phase
  • Soil humidity is generally good although some regions need rain
  • A late start to the first, and largest, soy harvest would leave farmers with less time to plant a second soy crop or pivot to corn
• Paraguay’s second corn harvest this year exceeded 6 million metric tons
• Paraguay and Parana rivers — key shipping routes for Paraguay’s farm exports — are currently higher than expected which facilitates barge traffic
• NOTE: Paraguay consistently ranks as South America’s third largest soy producer

 

Ukraine’s key farm exports jump 12% in November from October, lobby says

Ukraine’s agricultural exports rose by 12% to around 5 million metric tons in November versus October mostly thanks to larger grain shipments, farm lobby UCAB said late on Monday.

Ukraine is a major global grain and oilseed grower and exporter and agricultural exports account for more than half of all Ukrainian exports.

UCAB said in a statement that grain exports rose to 3.0 million tons in November against 2.7 million tons in October and 2.4 million tons in September.

The Ukrainian Economy Ministry said on Monday the country had exported a total of 12.38 million tons of grain so far in the 2025/26 July-June season versus 17.98 million in the same period in 2024/25.

The lobby said shipments of oilseeds rose by 14% to 507,700 tons in November. Vegetable oil shipments were almost stable at 517,200 tons, UCAB said.

The current pace of exports is expected to continue in December, it said in a statement.

“Corn harvesting is still underway in Ukraine, with significant volumes destined for export,” it said.

 

Ukraine’s 2026 wheat crop seen at 24 million-25 million tons, official says

Ukraine’s wheat harvest could rise to between 24 million and 25 million tons in 2026 from 23 million tons in 2025, Ukrainian deputy economy minister Taras Vysotskiy said on Monday in the first official estimate of the output.

“We are currently operating in the range of 24-25 million tons,” Vysotskiy told Reuters in a written comment.

Ukraine is a major European wheat grower and exporter, and winter wheat dominates its production of the grain.

The economy ministry said last week farmers had completed the 2026 winter wheat sowing at 4.7 million hectares. The country sowed a total of 6.43 million hectares of winter crops for the 2026 harvest.

Ukraine harvested 22.6 million tons of wheat in 2024, and exported 15.7 million tons of the grain in 2024/25.

Vysotskiy told Reuters last month that Ukraine would not restrict wheat exports in the 2025/26 July-June season due to a higher harvest and lower export rates at the beginning of the current season.

 

WHEAT/CEPEA: Domestic sector focuses on harvesting in Argentina

The Brazilian sector is focused on the progress of wheat harvesting in Argentina, the largest supplier of the grain to the country. Bolsa de Cereales indicates that the production may reach a record 25.5 million tons, surpassing the earlier estimate by 1.5 million tons and the previous record of 22.4 million tons in the 2021/22 crop.

In addition to the scenario of high production in Argentina, the dollar devaluation against the Real reinforced the downward trend of wheat prices in the domestic market.

According to data from Cepea, in November, the monthly average of wheat prices in Paraná was BRL 1,196.69 per ton, the lowest since October 2023, down 1.6% against October/25 and 15.9% in relation to that in November/24, in real terms (IGP-DI). In Rio Grande do Sul, the average was BRL 1,044.82/ton, 8.2% down in one month and -17.1% in one year, and the lowest value since February 2018.

In São Paulo, prices averaged BRL 1,202.63/ton, +3.5% compared to October, but -23.8% against that in the same month last year. As for Santa Catarina, the average was BRL 1,206.29/ton in November, decreasing 4.5% and 15.1% in the same periods. The US dollar dropped 0.9% against the Real, at BRL 5.339 in November/25.

Between November 21 and 28, in the wholesale market (deals between processors), values decreased 1.51% in Rio Grande do Sul and 1.4% in Santa Catarina, but rose 0.87% in Paraná and 0.4% in São Paulo. The prices paid to wheat farmers (over-the-counter market) remained stable in Paraná and Rio Grande do Sul and decreased only 0.11% in SC.

 

LIVESTOCK: US Red Meat Production Fell 2.6% Y/y in October

Commercial beef and pork production fell to 4.89b pounds in Oct., according to the USDA’s monthly livestock slaughter report.

• Beef production down 5.7% y/y to 2.33b pounds
• Pork production up 0.3% y/y to 2.55b pounds

 

Spain to resume pork exports to China from regions unaffected by swine fever outbreak

• Two wild boar found dead tested positive for African swine fever
• Spain to resume pork exports to China from unaffected regions
• Military personnel join police in containment effort
• Outbreak threatens Spain’s multi-billion-euro pork industry

Spain, which is mobilising to contain an outbreak of African swine fever in Barcelona, received confirmation from major pork importer China on Monday that it can resume pork exports to the country from all other regions, its agriculture minister said.

Spain halted all pork shipments to China on Friday as a precaution until Beijing confirmed it had implemented a protocol signed earlier this year which meant it would only ban imports from regions affected by the virus.

China accounts for 42% of Spain’s pork exports outside the European Union. Spain is the EU’s leading pork producer, accounting for roughly a quarter of the bloc’s output, ahead of Germany, with annual pork exports of about 3.5 billion euros ($4.05 billion).

Authorities confirmed on Friday that two wild boar found dead had tested positive for African swine fever, last recorded in Spain in 1994. A 6-km exclusion zone was set up around the affected area in Bellaterra, on the far side of the Collserola mountain range from the coastal city.

Four hundred Catalan police and rural wardens were deployed to the area in northeastern Spain at the weekend, followed by 117 members of Spain’s military emergency unit on Monday, who will use drones to locate and remove potential infected animals.

“Our objective is to limit the zone and avoid contagion to other regions,” Agriculture Minister Luis Planas told reporters late on Monday after a meeting with sector representatives.

 

 

 

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