Analysis: the forecast for wheat exports in February is around 3.3 million tons.

Demand prices for Russian wheat with 12.5% protein with delivery in February remained at $231/t FOB, but offer prices increased to $235/t FOB—the highest level in 5 months (since the end of August 2025). The price for Ukrainian wheat with 11.5% protein strengthened to $227.5/t (+$1.5/t), French wheat to $236/t (+$5/t), Romanian wheat to $236/t (+$2.5/t), American wheat to $236/t (+$5/t), and Argentine wheat remained at -$217/t FOB. The global wheat market strengthened last week. Exchange quotations reached multi-month highs. The growth of the wheat market was due to the closure of short positions by speculative funds amid worsening prospects for the new crop. In the USA, there were recently abnormal frosts and ice rains. Strong and prolonged frosts may damage winter crops in parts of southern Russia, Ukraine, and Poland. In addition to frost damage, there is a risk of local crop death from ice crusting caused by rain and a sharp drop in temperatures. The American wheat market also ...