Andrey Sizov
02.02.2026
On Friday, U.S. grain futures fell. The March SRW wheat contract closed at $5.38/bu ($198/mt; -0.6% vs. Thursday). The March HRW wheat contract slipped to $5.45/bu ($200/mt; -0.4%). The March Euronext wheat contract closed at €194.25/mt ($230/mt; +1.6%). The March U.S. corn contract fell to $4.28/bu ($169/mt; -0.6%).
The European Commission cut its 2025/26 EU wheat export forecast to 29.5 mmt from 31.0 mmt amid intense competition from Argentine supplies. It raised its EU ending stocks forecast to 13.0 mmt from 11.7 mmt.
India’s meteorological service expects February rainfall at less than 78% of average, while temperatures are seen above average for a second straight month. Dry and hot weather is adding risks for winter crops, including wheat.
Russia’s wheat export tax will remain at zero for a fourth consecutive week from Feb. 4, the Agriculture Ministry said.
