Ukraine's wheat harvest for the 2025/26 marketing year is projected to hit a 13-year low at 17.9 million tons, a 23% drop from the previous year, due to dry soils and reduced sowing areas. In contrast, Russia's wheat production is expected to remain stable, ranging between 79.7 million and 82.5 million tons. Despite the potential for favorable weather to improve conditions, the USDA's initial forecasts are concerning, particularly as Ukrainian wheat exports are anticipated to fall significantly from record levels.