USDA’s Export Sales report this morning showed 567,823 metric tons of 2025/26 wheat sales, which was at the high end of expectations ranging from 200,000 to 600,000 MT. This was just 3.1% lower than the previous week but still more than double the same week last year. South Korea was the largest buyer with 90,000 MT, followed by Japan at 70,000 MT and Mexico at 55,900 MT. An additional 9,373 MT was sold for the 2026/27 marketing year.

According to a Bloomberg survey of analysts, global wheat ending stocks for 2025/26 are estimated at 262.5 million metric tons, slightly below last month’s 262.8 MMT.

Strategie Grains maintained its estimate for the EU soft wheat crop at 130.7 MMT for 2025/26, unchanged from the previous month.