Wheat Market Outlook - April 27, 2026

Market Outlook – Wheat Markets sit at two-year highs on the spring wheat chart in Minneapolis. The weather risk has baked itself into the current wheat market values with growing concern of how much tonnage will come from the U.S. HRW wheat region. Thisregion is the markets focus, but we are starting to see a few more reports out of the Euro region and eastern Europe. Some colder weather there has slowed spring crop planting. Also reports of some dryness starting to build in Poland and into Ukraine, but the market’s focus is not quite there yet, and it remains to be seen if this transitions into a hot topic item or not. The USDA will publish official 2026/27 estimates in the May USDA report. The market will also turn focus onto the spring wheat crops that are being planted in North Dakota, Montana and Minnesota and the soon-to-be planted Canadian crop. Planting is set to begin once weather turns warmer as many regions are still a little wet and cold. Expect Canadian planting to become more prominent May 1, 2026 onward this year, although a few northern wheat production regions are sittingwith some lingering snow cover yet. Overall, we will be sitting in a wheat weather market from here forwards.Market Outlook – DurumPrice outlook looks flat for the time being. The North African crop looks great and the North American crop story has yet to be told. Algeria’s tender of durum wheat will provide a bit of support for producers to clean up old crop inventories ahead of planting, but no major rally is being anticipated as there is ample carry out and a good prospect for the North African / Mediterranean crop. The Turkish crop is expected to be larger this upcoming harvest and could result in lower import demand from the region overall. Markets are watching to see how the North American spring planting season progresses when it comes time to plant and the crop conditions that follow, as Canada is such a major producer of the crop for global market export. Durum is also in a weather market and will watch how the North African crop comes off shortly.