Wheat Market Outlook - July 27, 2026

MARKET OUTLOOK – WHEATWheat markets enter the week balancing ongoing Black Sea shipping risk against advancing harvest pressure and weaker outside markets. The sinking of a grain cargo ship near Odesa reinforced concerns over export reliability, while Russia’s efforts to reroute Sea of Azov grain could strain rail and portcapacity. U.S. spring wheat conditions declined to 53 per centgood-to-excellent, although the crop tour’s 48-bushel-per-acre estimate suggested respectable yield potential. Western Canadian crops remain favourable overall but are uneven, with localized flooding losses, rising disease concerns and warmer, drier grain-fill weather. European yield estimates were reduced again, though still near average. Sustained upside likely requires prolonged Black Sea disruption, further crop deterioration or stronger export demand. Producers will need to balance profitable forward sales while understandingpreharvest grade risks. MARKET OUTLOOK – DURUM Durum markets remain largely rangebound as smaller North American acreage is offset by generally favourable crop conditions and softer North African demand. Canadian exports remain near last year’s pace, but larger harvests in Morocco, Algeria and Tunisia are expected to reduce near-term imports. Prices will likely remain muted into early winter unless production or quality concerns emerge in Canada or the northern U.S. Plains. Our updated Canadian durumsupply-and-disposition estimates are provided below.If readers are interested in a comprehensive listing of2026 major report release dates. Follow the link attached. https://exceedgrainmarketing.com/2026-global-major-report-release-calendar/