Andrey Sizov
19.02.2026
Grain futures rose on Wednesday. The March SRW wheat contract closed at $5.47/bu ($201/mt; +1.7% vs. Tuesday). The March HRW wheat contract rose to $5.51/bu ($202/mt; +2.3%). The March Euronext wheat contract closed at €190.75/mt ($225/mt; +0.1%). The March U.S. corn contract edged up to $4.27/bu ($168/mt; +0.2%).
USDA will publish its first U.S. grain outlook for the 2026/27 season on Feb. 19. The market sees U.S. corn area at 38.4 mln ha (40.0 mln ha in 2025), output at 404.9 mmt (432.3 mmt), and ending stocks at 50.2 mmt (54.0 mmt). U.S. wheat area is seen at 18.1 mln ha (18.3 mln ha a year earlier), production at 51.6 mmt (54.0 mmt), and ending stocks at 24.5 mmt (25.3 mmt).
In February, SovEcon raised its 2026/27 wheat crop forecast by 2.1 mln t to 85.9 mln t. In 2025, Russian farmers harvested 90.9 mln t of wheat. The forecast was revised up, reflecting better-than-average crop conditions, although the risk window remains ahead.
