Wheat Market Outlook - June 29, 2026

Market Outlook - WheatEU heat has taken the top end off yield ideas, Canadian excess moisture is becoming a more legitimate production and quality risk, and tomorrow’s Statistics Canada and USDA acreage report will provide fresh fundamental data points. Markets are comfortable right now with the current state of the crops across the United States and Black Sea region. Good rainfall has been hitting some of the drier areas of Montana and North Dakota which would be bumping yield prospects in those key wheat production regions of the United States. EU harvest prospects have had their top end yield removed but the heat wave's lateness in the crop's lifecycle has the market of belief that the timing will not degrade yield as much as if it would have if the heatwave began in May. As for Canada, we are reporting improving old crop basis levels for wheat as the Canadian market remains at the $8.00 region central Sask, meanwhile futures have fallen from their May highs. Wheat markets will be watching for any major changes in tomorrow's USDA or StatsCan reports.Market Outlook - DurumDurum outlook remains mostly flat. This market will be watching tomorrow’s StatsCan report closely. The U.S. northern durum region has been getting good moisture. The 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 on what prospects are for the next North African crop harvest or depending on U.S. durum supplies moving forward.  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/