Andrey Sizov
06.02.2026
On Thursday, U.S. grain futures rose. The March SRW wheat contract closed at $5.35/bu ($197/mt; +1.6% vs. Wednesday). The March HRW wheat contract rose to $5.38/bu ($198/mt; +1.5%). The March Euronext wheat contract closed at €193.50/mt ($228/mt; -0.1%). The March U.S. corn contract rose to $4.35/bu ($171/mt; +1.3%).
The Buenos Aires Grain Exchange cut its forecast for Argentina’s corn crop by 1 mmt to 57 mmt. Despite the downgrade, the crop is still expected to be historically large.
The share of Argentine corn rated normal to excellent rose to 87% from 86% a week earlier and 85% a year ago, the Buenos Aires Grain Exchange said.
On Tuesday, Feb. 10, USDA will release its February WASDE update. The market sees U.S. wheat ending stocks at 25.0 mmt (-0.2 mmt vs. January) and corn at 56.6 mmt (unchanged). Global wheat ending stocks are seen at 278.2 mmt (-0.1 mmt vs. January) and corn at 290.5 mmt (-0.4 mmt).
By late January, export prices for Russian wheat with 12.5% protein rose by $1 to $229–231/mt FOB, according to SovEcon’s price monitoring. Export prices increased for a third consecutive week, reaching their highest level since November 2025. Russian FOB prices were supported by a strong ruble, high domestic prices and rising European quotations.
