Wheat Market Outlook - June 22, 2026

Market Outlook - WheatWheat markets are pricing in good supply for the upcoming Canadian crop despite the challenges being noted in pockets of the Canadian prairies related to excess moisture. We will have Canadian acreage report on June 30, 2026, which will be highly anticipated by the markets as it gives the trade some fresh fundamentals to place positions on and allows some further number crunching on what could be available to the market overall from the Canadian and United States crops. U.S. spring wheat conditions are improving slightly which has been keeping the markets satisfied. 55 per cent of the U.S. spring wheat crop as of June 14, 2026, was Good to Excellent, up from 52 per cent week prior. Next report out later today. Chicago, Kansas City and Minneapolis wheat futures have been subject to fund repositioning since mid-May as the market became comfortable with crop production potential. The EU crop is largely understood, and the Black Sea crops are closer to being made than not. We are anticipating flat spring wheat markets unless a true weather story does develop but markets are satisfied with their current supplies for new crop.Market Outlook - DurumDurum outlook remains mostly flat. Saskatchewan durum is currently rated 89 per cent good to excellent in the last report, which keeps the market comfortable with Canadian crop prospects for now. The U.S. durum region listed with 57 per cent of the crop area now listed in drought, 55 per cent last week and 39 per cent the year prior. North African harvest is large and import demand is going to directly reflect the larger supplies available to Morocco, Tunisia and Algeria. A large Western Canadian crop would keep durum markets muted into early winter, at least until we have an idea what prospects are for the next North African crop harvest or depending on U.S. durum supplies moving forwards. We are watching more closely now how the North American crop shapes up and what did end up seeded when the June 30, 2026, report is released.If readers are interested in a comprehensive listing of 2026 major report release dates. Follow the link attached. https://exceedgrainmarketing.com/2026-global-major-report-release-calendar/