Andrey Sizov
20.02.2026
Wheat futures rose on Thursday. The March SRW wheat contract closed at $5.59/bu ($206/mt; +2.3% vs. Wednesday). The March HRW wheat contract rose to $5.65/bu ($208/mt; +2.6%). The March Euronext wheat contract closed at €193.75/mt ($228/mt; +1.6%). The March U.S. corn contract slipped to $4.26/bu ($168/mt; -0.3%).
USDA published its first outlook for the 2026/27 U.S. grain crop. The agency pegged 2026/27 U.S. corn area at 38.1 mln ha (vs. 38.4 mln ha the market expected and 40.0 mln ha a year earlier) and wheat area at 18.2 mln ha (vs. 18.1 mln ha expected; 18.3 mln ha in 2025).
USDA sees U.S. corn output at 400.2 mmt (vs. 404.9 mmt expected; 432.3 mmt a year earlier) and wheat output at 50.6 mmt (vs. 51.6 mmt expected; 54.0 mmt in 2025). Corn ending stocks are seen at 46.7 mmt (vs. 50.2 mmt expected; 54.0 mmt a year earlier) and wheat ending stocks at 25.4 mmt (vs. 24.5 mmt expected; 25.3 mmt a year earlier).
In France, the share of soft wheat rated good or excellent fell to 88% as of Feb. 16, down from 91% a week earlier, FranceAgriMer data showed. The figure was 74% a year earlier.
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.
