Wheat exchange quotations are 12-23% lower than last year, but export prices in Ukraine correspond to last year's.

The global wheat market meets the midpoint of the 2025/26 season with confirmation of a record global harvest, which continues to put pressure on wheat quotations on world exchanges, which are currently trading 12-23% lower than at the end of 2024. Quite favorable conditions for sowing and development of winter wheat crops for the 2026 harvest in major exporting countries are additionally putting pressure on prices. This pressure may intensify in the spring of 2026 if the crops emerge from winter without losses. Over the past week, March wheat futures remained almost unchanged: Wheat exports from the US amounted to 15 million tons, which is 22% higher than last year's pace, while export volumes from the EU (10.8 million tons) are 2%, from Russia (26 million tons) by 11%, and from Ukraine (7.76 million tons) by 25% lower than last year's figures. Constant Russian strikes on the port infrastructure of the Odesa region have paralyzed the operation of port terminals in December, ...