Andrey Sizov
04.02.2026
On Tuesday, wheat futures were mostly steady. The March SRW wheat contract closed at $5.29/bu ($194/mt; +0.2% vs. Monday). The March HRW wheat contract slipped to $5.35/bu ($196/mt; -0.1%). The March Euronext wheat contract closed at €193.25/mt ($228/mt; -0.1%). The March U.S. corn contract rose to $4.28/bu ($169/mt; +0.7%).
Turkey’s recent precipitation has exceeded last year’s levels and is in line with seasonal norms, Yasar Serpi, head of Turkey’s National Grain Council (UHK), said. If April-May weather remains favorable, Turkey could be headed for a record wheat crop, he said.
Israel is considering imposing a 50% import tariff on wheat from the Black Sea region after a new agricultural trade agreement with the United States took effect. The agreement, effective Jan. 1, 2026, provides duty-free access for U.S. agricultural products to Israel’s market and includes state support for importing U.S. wheat. The tentative start date for the new rules is April 1, 2026, though a final decision has not been made. In 2024/25, Israel imported 2.1 mmt of wheat, including about 1.4 mmt from Russia and 0.1 mmt from Ukraine.
From July 1 to Feb. 1, the EU shipped 12.8 mmt of soft wheat, in line with the year-ago pace, European Commission data showed. EU wheat shipments matched last year’s level for the first time since last September. Export figures for Poland, Bulgaria and Ireland are incomplete, the Commission’s analysts said.
From Feb. 1-2, Ukraine exported 34,000 mt of grain versus 76,000 mt as of Feb. 3, 2025, Economy Ministry data showed. Total shipments since the start of the season reached 18.9 mmt versus 25.8 mmt a year earlier.
