According to Monday afternoon’s Crop Progress report, 63% of the U.S. winter wheat crop has been harvested, which is 1% behind the 5-year average. The spring wheat crop was 78% headed, 3% ahead of normal. Conditions improved by 4%, bringing the good to excellent rating to 54%, with the Brugler500 index up 8 points to 345. The main improvements were seen in Minnesota (+14), followed by Montana (+8), North Dakota (+6), and South Dakota (+5).

Russian wheat production is now estimated at 84 MMT by IKAR, down 0.5 MMT from their previous estimate. For 2025/26, exports are projected at 42 MMT. Algeria made a major wheat purchase this morning, estimated at 1 MMT.