Wheat Market Outlook - March 23, 2026

MARKET OUTLOOK - WHEATDomestic bids to Saskatchewan producers pulled back slightly from last week's peaks. Risk premium had been put into ag markets on the conflict and will trade accordingly. Wheat markets have an interesting few weeks ahead of them as the Gulf region conflict persists and we will begin to see more reports on the Northern Hemisphere crops as their growing season begins. Markets will be watching precipitation forecasts more from here on forwards for the growing regions of northern hemisphere crops. Northern Hemisphere crops are believed to have escaped some of the worst of the winterkill with good reports out of Germany and France. U.S. winterkill is not seen as massive, but now the precipitation and dryness scenario will be watched. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market and exports are still tracking on pace for a record season although the pace is beginning to slip as larger exports were done early. We are anticipating some weather-related volatility as the North American growing season is set to begin shortly. IGC’s latest estimates show a potential tightening of global supplies as consumption is anticipated to remain good for the upcoming season and crop yields are expected to return to normal levels after posting many record yields this past year.MARKET OUTLOOK - DURUMPrice outlook overall for durum appears relatively flat as it has been for much ofthe marketing year for western Canadian producers. Morocco, Tunisia and Algerian durum crops are anticipated to be in good shape, and once harvest time comes, higher output could lower import demand needs thereafter if realised. We are watching this market closely as they are still in the growing season and it is important to be watching the agroclimate from here on out. As of right now, things look favourable in the North African region. Markets are focused on how Canadian crop prospects will look once it is time to put that crop into the ground. Canada being the world's largest exporter always does have a major influence on the market in general.