Wheat Market Outlook

MARKET OUTLOOK - WHEATThe latest WASDE increased global wheat production and ending stocks, but lower Russian and Ukrainian export forecasts, continue to tighten the outlook for readily available exportable wheat supplies. In Western Canada, the focus is increasingly shifting from total production toward grade, with recent rainfall raising quality concerns. A good stretch of warm, dry weather could still allow Prairie harvest to advance quickly, but further delays would increase quality risk. Statistics Canada’s production estimate, Canadian harvest progress and developments around Black Sea shipping are likely to drive direction this week.MARKET OUTLOOK - DURUMThe durum market also remains increasingly focused on quality rather than outright production. Canada entered the crop year with a relatively comfortable 1.1 MMT of carry-in stocks, which limits concerns around an outright shortage. However, recent rainfall across major durum-growing regions has increased uncertainty around the percentage of the crop that will ultimately grade No. 1 and No. 2 CWAD. If additional downgrading is confirmed as harvest progresses, stronger premiums could develop for higher-quality durum even if total Canadian production remains adequate. Near-term direction will depend heavily on final grade.If readers are interested in a comprehensive list of global report calendar. Follow the link attached. https://exceedgrainmarketing.com/2026-global-major-report-release-calendar/

MARKET OUTLOOK - WHEATWheat markets enter the week with a firmer underlying tone, but Western Canadian harvest quality is becoming an increasingly important source of direction. Widespread Prairie rainfall arrived with a large share of the spring wheat crop still standing, raising the risk of overall grading issues  including sprouting, falling-number issues and a wider grade spread if harvest delays persist. A meaningful deterioration in No. 1 and No. 2 CWRS availability could tighten the pool of exportable high-quality wheat and provide additional support to premiums even if overall production remains respectable. Black Sea and Sea of Azov shipping disruptions continue to underpin futures, although diplomatic regional powers are helping in negotiating some resolutions to the conflict. Stronger crop update from Australia ABARES provided a bit of a bearish offset although the increase in crop size estimates was largely expected, while U.S. spring wheat harvest results have generally been respectable. Over the next one to two weeks, Canadian protein, test weight, grade distribution and harvest progress should become increasingly representative and could have a larger influence on market direction than headline yield estimates alone.MARKET OUTLOOK - DURUMDurum quality risk has moved to the forefront following widespread Prairie rainfall with a large share of the Western Canadian crop still standing. If prolonged harvest delays result in lower test weight, sprouting or a larger-than-expected share of No. 3 or lower and feed-quality durum, the market could tighten quickly for exportable No. 1 and No. 2 CWAD and materially shift otherwise comfortable durum fundamentals. For now, smaller North American production continues to be offset by improved crops and weaker import requirements across North Africa and Turkey, with IGC forecasting global production near 38.9 MMT and world trade at a five-year low. Early Saskatchewan yield indications have been coming in but from a relatively small sample size leaves us wanting to see a few more yield reports yet. Grade distribution and protein will be the key variables over the next two weeks.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/

Market Outlook – WheatWheat markets enter the week with a firmer underlying tone after another strong move higher, although some of the recent geopolitical premium is being tested by reports that Turkey is working on a possible Black Sea grain corridor. Physical shipping disruptions through the Black Sea and Sea of Azov remain significant, while the broader global balance continues to tighten as major-exporter stocks decline. This is being partly offset by stronger crops in Turkey and North Africa and improving Australian production prospects. In North America, U.S. spring wheat harvest results have generally remained respectable, while Canadian harvest is beginning to accelerate after a slower-than-normal start. HRS wheat and durum yield, protein and grade results should become increasingly representative over the next one to two weeks, making western Canadian harvest results a major source of direction. Near-term upside will depend on whether Black Sea disruptions persist, while improving Canadian harvest progress and any meaningful improvement in export logistics could return some pressure to futures.Market Outlook – DurumDurum markets remain largely rangebound, with smaller North American crops continuing to be offset by improved production and weaker import requirements across North Africa and Turkey. IGC forecasts global durum production at 38.9 MMT, including approximately 6.3 MMT in Canada and 1.8 MMT in the U.S., both below last year, but stronger crops in Morocco, Algeria and Turkey are expected to push world trade to a five-year low. Western Canadian harvest is beginning to advance after a slow start, and durum yield, protein, test weight and grade results should become increasingly representative over the next one to two weeks. With major exporter stocks still relatively tight, disappointing Canadian quality or yields could strengthen premiums, but a solid Prairie harvest combined with subdued importer demand would likely keep values contained in the near term.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/

Market Outlook - WheatWheat markets enter the week with a firmer underlying tone as tightening supplies among major exporters and continued disruption to Black Sea and Sea of Azov shipping provide support. The latest IGC outlook points to smaller crops across Canada, the U.S., Europe and Australia, while major exporter wheat stocks are expected to fall sharply year-over-year. This is being partly offset by larger crops in North Africa and Turkey. In North America, early U.S. spring wheat harvest results have generally been respectable, while Canadian harvest remains in the early stages with producers still focused largely on peas, lentils and barley. HRS wheat and durum harvest should begin making more meaningful progress this week, making Canadian yield, protein and quality results increasingly important. Near-term direction will largely depend on whether Black Sea disruptions persist and whether Canadian harvest results confirm current production expectations, with advancing harvest pressure likely to limit upside if both develop favourably.Market Outlook - DurumDurum markets remain relatively rangebound, with tighter North American production being offset by larger crops and weaker import demand anticipated across North Africa and Turkey. IGC now forecasts global durum production at 38.9 MMT, down 0.6 MMT from July, including 6.3 MMT in Canada and 1.8 MMT in the U.S., both lower year-over-year. However, improved crops in Morocco, Algeria and Turkey are expected to reduce global trade the lowest in five years, limiting the need for aggressive importer buying. Western Canadian harvest remains in the very early stages, with producers still focused largely on peas, lentils and barley, but durum harvest should begin making more meaningful progress this week. Yield, protein, test weight and grade distribution will become increasingly important, particularly as major-exporter durum stocks remain relatively tight despite comfortable global inventories. Disappointing Canadian yields or quality could strengthen premiums, while a solid Prairie harvest combined with subdued North African demand would likely keep prices contained for the time being.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/

MARKET OUTLOOK - WHEATWheat markets enter the week with a firmer underlying tone as Black Sea and Sea of Azov shipping disruptions continue to add risk to global trade, while North American harvest begins to provide a clearer picture of actual production. Early U.S. spring wheat results have generally been respectable, limiting concern despite weaker late-season crop ratings. Canadian harvest is just beginning, with more consistent yield and quality reports expected over the next ten days as relatively dry weather returns across much of the southern Prairies following weekend rainfall. European wheat losses are increasingly understood by the market, while recent Australian rainfall has reduced some immediate production risk. Overall, harvest pressure should become more influential as supplies move into commercial channels, but continued Black Sea disruptions or disappointing North American yield and quality results could provide further support. AAFC’s August 20 outlook and early Canadian harvest results will be the next important sources of direction or if there are any meaningful changes to the Sea of Asov / Black Sea situation.MARKET OUTLOOK - DURUMDurum markets remain largely rangebound, although the North American supply outlook has become somewhat more supportive. USDA now estimates U.S. durum production at 66.4 million bushels, down 23 per cent from last year. Canadian production prospects remain comparatively favourable, keeping broader supply concerns limited for now. Western Canadian harvest is just beginning, and more consistent durum yield and quality reports should emerge over the next ten days as harvesters move through southern areas. The market will be particularly focused on protein, test weight and grade distribution. Softer North African import demand continues to limit upside, but disappointing Canadian yields or quality could quickly strengthen premiums as harvest progresses.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/

MARKET OUTLOOK - WHEAT Wheat markets enter the week under continued harvest pressure, although Black Sea shipping disruptions and tightening North American production risks are providing some underlying support. U.S. spring wheat conditions remain mixed, with national ratings holding relatively well but North Dakota spring wheat and durum conditions deteriorating under recent heat. Western Canadian crops remain favourable overall but increasingly variable, with declining soil moisture across many areas. European harvest results continue to confirm the heat-related yield losses, while Australian rainfall forecasts will be closely watched. Canada begins the new crop year following another record export campaign, but a smaller anticipated crop should limit available tonnage. Wednesday’s USDA WASDE and early harvest results will be the next major sources of direction.MARKET OUTLOOK - DURUMDurum markets remain largely rangebound as smaller North American acreage is balanced by generally favourable crop prospects and softer North African demand expectations. However, recent heat has added some production risk, with North Dakota durum conditions deteriorating and later-planted fields showing greater stress. Southern Prairie heat and declining soil moisture are also creating some concern towards the tail end of the year. The Canadian crop will begin to come off in the coming weeks, and we will be looking forwards to seeing initial crop quality and yield prospects.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/

MARKET OUTLOOK - WHEATWheat markets enter the week under harvest and liquidation pressure despite continued Black Sea shipping risk. U.S. spring wheat conditions improved to 55 per cent good-to-excellent, while European production estimates were reduced following hot, dry weather. Western Canadian cereal crops remain favourable overall but increasingly variable, with heat and declining soil moisture creating grain-fill risk across southern areas and disease and quality concerns remaining in wetter northern and eastern regions. Rain would still be welcomed in a few regions to support test weight before maturity advances. Canada is beginning the new crop year following another record wheat export campaign, although repeating that pace will be difficult with less production anticipated. Producers priced some wheat into the recent rally, but uncertainty around grade and quality continues to limit aggressive forward sales.MARKET OUTLOOK - DURUMDurum markets remain largely rangebound as smaller North American acreage is offset by generally favourable crop prospects and softer North African import demand. Larger harvests in Morocco, Algeria and Tunisia are expected to reduce nearby purchasing, while improving U.S. spring  wheat conditions and respectable northern Plains yield expectations have limited production concern. Southern Prairie heat and declining soil moisture are creating some grain-fill and kernel-weight risk, but broader crop conditions remain favourable. The larger uncertainty is final Canadian grade and quality, which is keeping producers cautious about committing additional high-grade durum before harvest. Prices will likely remain muted unless Canadian or U.S. production disappoints, quality problems emerge or North African demand returns sooner than expected.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/

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/

Market Outlook - WheatWheat markets enter the week trading Black Sea shipping disruptions, reduced European production expectations and perception of tightening global ending stocks, although favourable initial harvest results in Russia and eastern Ukraine continue to limit the upside. Restrictions through the Don-Azov Channel and Kerch Strait added a logistical risk premium during last week’s rally, while the strike on a merchant vessel near Odessa reinforced concerns around Black Sea export reliability. June heat also reduced wheat yield potential across parts of western and central Europe, prompting haircuts to EU production estimates. The July IGC report left global wheat production unchanged near 821 MMT and ending stocks slightly down near 279 MMT. Attention now turns to this week’s U.S. spring wheat tour for updated yield indications across the northern Plains. Western Canadian conditions remain favourable in general, but uneven, with excessive moisture creating localized acreage and yield losses across eastern Saskatchewan, Manitoba and northern Alberta, while stronger crops are developing across much of the southern and western Prairies.Market Outlook - DurumDurum markets remain largely rangebound as smaller North American acreage is being offset by generally favourable crop conditions and softer import demand expectations from North Africa. The USDA and Statistics Canada acreage reports confirmed reduced durum area, but the cuts were widely anticipated and did not materially tighten the market outlook. Moisture across the northern U.S. Plains and the Canadian Prairies has generally supported yield potential, with Saskatchewan and Alberta durum conditions remaining favourable overall despite localized excess moisture concerns. Canadian durum exports through Week 49 reached 5.44 MMT, only 1 per cent below last year, showing that demand has remained steady into the end of the current crop year. However, larger North African harvests are expected to reduce near-term import requirements from Morocco, Algeria and Tunisia. A strong Western Canadian crop would likely keep prices muted into early winter, with the next meaningful direction dependent on final Canadian and U.S. production, quality results and the outlook for the next North African growing season. Our updated Canadian durum supply-and-disposition estimates are provided below.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/

Market Outlook - WheatWheat markets are focused on the following factors to begin the week: The Western Canadian crop, shipping disruptions through the Sea of Azov, and the smaller global ending stocks reported in the latest USDA update. Excess moisture across parts of Saskatchewan, Manitoba and northern Alberta is creating uncertainty around eventual acreage and yield losses, although cereals such as wheat, durum and oats are generally faring better than canola and pulses, while some strong crops are developing across the southern Prairies. Restrictions affecting grain movement through the Kerch Strait and Sea of Azov have added a logistical risk premium to wheat, but expectations for a promising Black Sea harvest continue to limit the upside if shipping disruptions do not persist. European heat has increasingly become a corn and summer-crop story, while U.S. heat is supporting corn and soybeans on fields that entered the period with generally adequate moisture, leaving wheat more likely to follow any broader corn rally in the near term. Prairie producers should use improvements in local basis or futures to finish old-crop wheat sales and create space before new-crop supplies begin arriving for the upcoming harvest, while remaining patient on stronger new-crop commitments until the Western Canadian production outlook becomes clearer.Market Outlook - DurumThe durum outlook remains mostly flat. The USDA Acreage Report and Statistics Canada acreage estimates confirmed smaller North American durum area, but the reductions were broadly anticipated and did not provide a major shock to the market. The northern U.S. durum region and Canadian prairies durum region has received generally favourable moisture, supporting crop prospects and limiting immediate production concerns. At the same time, large harvests across North Africa are expected to reduce import demand from Morocco, Tunisia and Algeria, with purchasing likely to reflect the greater domestic supplies available in those countries. A large Western Canadian crop would keep durum values muted into early winter, at least until the market gains a clearer understanding of U.S. durum supplies and the production outlook for the next North African crop. Our updated Canadian durum supply-and-disposition estimates are provided below.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/

Market Outlook – WheatSome weather stories are showing themselves across the global wheat production regions but not enough to get markets overly excited. We have the EU heatwave which is turning into more of a corn story than a wheat story, we have the U.S. heatwave this week but on fields that have received ample rainfall and we have the Western Canadian flooding story that is yet to be fully understood how that will shake out in terms of acreage loss. The Black Sea wheat harvest is expected to be quite promising, and markets are in general satisfied with the current position of crops. Wheat has benefited today from the rise in corn values for the session and wheat markets would be more likely to ride the coattails of any Midwest corn story for the short term. Old crop wheat sales for prairie producers will need to be wrapped up to make room for the new crop coming online in 6-7 weeks. Producers should take advantage of any local bumps in basis and futures to ease out the old crop. We are still waiting to see how the new crop shapes up before making any strong commitments.  Market Outlook – DurumDurum outlook remains mostly flat. The USDA Acreage report and Stats Canada report did not provide much of a shock of the market as acreage cuts were anticipated, but how much was the question. U.S. northern durum region has been getting good moisture. 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 forwards.  Updated Supply and Disposition estimates below.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/

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/

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/

MARKET OUTLOOK - WHEATThe market is generally satisfied with the Canadian and global crop for now. Limited drought or general weather concerns for most of the Canadian Prairies. The market is pricing in good supply for the upcoming Canadian crop despite the challenges being noted in east central Saskatchewan and northern Manitoba production regions. Peace region of Alberta has been on the dry side, and we need to keep focus on this area as well. The crop is still very early in Western Canada and needs to get through the next six to eight weeks of weather. We will have a 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. 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. The market will maintain focus on these regions as they get closer to harvest but the focus will be on Canadian, Northern U.S., Argentinian and Australian growing conditions from here on out as those crops have the most growing season ahead of them yet. We would anticipate flat wheat markets for the time being and a weather event will be the catalyst to move the wheat futures markets.MARKET OUTLOOK - DURUMDurum outlook remains mostly flat. Saskatchewan durum is currently rated 90 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 55 per cent of the crop area now listed in drought, 55 per cent last week and 41 per cent the year prior. Morocco placed 170 per cent durum import tariff from June 1, 2026, until the end of July is also a negative demand factor, as it will support local marketing of their large harvest and limit nearby import demand and a signal of the large Northern African harvest overall. 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. Limited upside seen at this time. 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/

Market Outlook - WheatWheat markets saw a major selloff this past week as fund selling accelerated and removed a large amount of weather risk premium from the market. Funds added 39,165 contracts to their Chicago wheat short position, one of the fastest repositioning moves on record. U.S. new crop wheat export sales are also running 26 per cent below last year, with markets concerned that U.S. wheat values were overvalued compared to global competitors. With European and Black Sea wheat harvest moving closer, the market is starting to price in more nearby global wheat availability. The market is generally satisfied with the Canadian crop for now. Saskatchewan spring wheat and durum are both rated 90 per cent good-to-excellent, while Alberta moisture conditions are 79 per cent good-to-excellent. Manitoba rainfall has been adequate to excessive in the past week. The moisture is there for a crop in much of the Prairies, too much in some areas and delays will be the concern for the time being. The USDA report will be out Thursday, June 11, 2026, but we would not expect major production changes yet. Demand revisions will be the item to watch. For wheat to build a stronger rally, the market likely needs a fresh weather issue or stronger export demand. Producers should view any bounce as a chance to reassess old crop cleanup and new crop positioning as their crop advances.Market Outlook - DurumThe durum outlook remains mostly flat. Saskatchewan durum is currently rated 90 per cent good to excellent, which keeps the market comfortable with Canadian crop prospects for now. The main Canadian dryness concern remains Regina south, where a large share of durum acres are located. Eastern Saskatchewan and Western Manitoba have moved to the other side of the issue, with heavy rains and concerns around spraying delays, but less of a durum acreage bias in the areas with the too wet issue. The U.S. durum region listed with 55per cent of the crop area now listed in drought, up from 42 per cent last week and 41 per cent the week prior. Montana did receive some rain over the past 72 hours, so this will reduce the area slightly for the next report. Montana’s rains ranging from three-tenths to 2 inches, which should help in some areas. Morocco placed 170 per cent durum import tariff from June 1, 2026t until the end of July is also a negative demand factor, as it will support local marketing of their large harvest and limit nearby import demand. Canadian durum exports remain 1 per cent ahead of last year’s pace, but stronger North African production keeps the demand outlook cautious. 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. Limited upside seen at this time.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/

Market Outlook - WheatWheat markets faded over the past week, but we are just getting into the spring wheat growing season in North America. We will have the first USDA Crop Progress report for the U.S. spring wheat, corn, soybeans, barley and corn crop this year which will be released today (Monday), after the market close. The market will use today's figures as a benchmark for the ongoing weeks. The initial reports provide the markets with a bit of fundamental news to chew on for the remainder of the week and generally set the tone for the first part of the week’s trade. The market will trade North American weather markets heavily here in the coming weeks. Producers should look at positioning both old crop and new crop sales on any spike in the market here as the time horizon to clean up old crop wheat in the next two months prior to the new crop harvest coming online. Producers looking for cashflow off the combine will want to be sure they have proper positioning for the harvest window. The market right now is satisfied with how the Canadian crop is looking in general. There are some problem areas and some delayed areas, but in markets, they look at total tonnage available to them from a region, and a good majority of the Canadian Prairies will be sitting fine for moisture. This changes week by week but for now, a good portion of central Alberta and central Manitoba is forecasted for rains in the next five days, we will see what falls vs forecasted. Market Outlook - DurumMinimal change from last weeks’ durum outlook. Canadian durum export expectations dropped to 5.15 million tonnes compared to 5.5 million tonnes last year and 5.6 million tonnes the year prior by the IGC in their monthly report this past week, as stronger North African production is expected to reduce import demand into key Canadian export markets later this season. Price outlooks will be dependent upon the Canadian crop. Some dryness concerns in south central Saskatchewan and limited rainfall during the next ten days will be one to watch for the crop. The region has been in a dry bias and no real precipitation in the forecast. Many private estimates have the Canadian crop  down about 1MMT year-over-year on less acres and yield. The crop is on the tail end of planting and would largely be considered planted. North America will be the key card to the durum market. A large Western Canadian crop will keep markets muted into early fall. Markets anticipated to be flat for both old crop and new crop and will remain so unless any market news develops from the North American crop. 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/

MARKET OUTLOOK – WHEAT Markets are getting an initial understanding on how the northern hemisphere crop is beginning to shape up. The market traded the prior few weeks with the understanding that the U.S. winter wheat crop conditions were dropping. With the finalization of the U.S. winter wheat tours, the cropharvest has officially begun. The crop is 5 per cent harvested in Texas and just beginning in Oklahoma and Kansas. The initial yield reports are coming in with a range of 15 bushels per acre to 50 bpa. The U.S. spring wheat crop is 73 per cent planted, the Canadian spring wheat crop will be approaching half to just over half planted. The markets are beginning to understand where the problem areas will be in the wheat crop. Today, U.S. futures markets are closed in observation of Memorial Day. Brent Crude oil is down 6 per cent for the dayso far, canola markets are down $10 per tonne for the session. We anticipate wheat markets will observe today’s session and trade with a risk off view heading into Tuesday. The markets lower on anticipation that the conflict in Iran is de-escalating and trading in a risk off sentiment on commodities. Stocks trading the inverse of commodities. What markets will trade on the two following items as we head into the last week of May and the first few parts of June: weather and perceived war risk. Weather looks favourable in most of the Europeanregion and Black Sea. Australia, Northern United States and Canada will be the most closely watched here for the short term as the crops begin to establish. We will have more focus on the harvest reports coming from the U.S. Hard Red Winter Wheat region. Canadian exports running strong and crop exports still very competitive from Canadian coasts.  MARKET OUTLOOK – DURUMPrice outlook for durum will be dependent upon the Canadian crop. North African and European crops look very promising, and the market is pricing in the fact that new crop demand from Canada will be down 300,000 tonnes less through the export system for the season. Many private estimates have the Canadian crop at down about 1 MMT year-over-year but the crop is still being planted and will be soon into a weather market. The crop is on the tail end of planting and prairie producers should finish up durum plantings this week. Markets will shift into how the western Canadian crop doesshape up and how early June weather shows itself. This will be the key card to the durum market. A large western Canadian crop will keep markets muted into early fall. Markets anticipated to be flat for both old crop and new crop and will remain so unless any market news develops from the North American crop. 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/

MARKET OUTLOOK - WHEAT Markets are dealing with growing concerns for spring wheat planting delays in Russia and in the northern regions of the Canadian Prairies. Much anticipation as to how the coming two weeks shape up on the planting progress. The story in the United States remains the Hard Red Winter Wheat region with harvest set to begin shortly there in some of the most drought affected areas and we will begin getting some early harvest reports from the regions shortly. The U.S. wheat cropis forecasted as being the smallest since 1972, and the drop in 2026/27 wheat ending stocks globally was enough of a catalyst to send markets higher last week. We are focused on how planting progress shapes up as we enter the lastpart of May. We are very much in a northern hemisphere weather market.   Anyissues with the spring wheat crops of Western Canada ornorthern U.S. Plains would be the catalyst for a move. MARKET OUTLOOK - DURUM Price outlook is flat for the time being. The market is aware of the North African harvest being large and we have seen the new crop values translate back to North America reflecting a larger harvest. Markets will shift into how the westernCanadian crop does shape up and how early June weather shows itself.  North African crop looks great, North American crop story has yet to be told. This will be the key card to the durum market. A large western Canadian crop will keep markets muted into early fall.  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/

MARKET OUTLOOK - WHEAT Wheat markets are trying to calculate the outcome from the Kansas wheat tour this week. Oklahoma’s crop tour showed just how bad the drought there did affect the crop. We will get the USDA’s first crack at production but also demand side of the trade in tomorrow’s report. Expect the market to watch this one as it is one of the more watched USDA reports of the year. Canadian crop progress is being watched as well. Spring wheat planting would be considered behind pace as of right now. A large part of northern Canadian growing region is behind pace compared to recent years, not a major market concern yet but if the forecast does not provide some warm weather, could become more of a topic for markets. Overall, we will be sitting in a wheat weather market from here forwards.MARKET OUTLOOK - DURUM Price opportunities to the upside of durum are limited for the short term. The North African crop looks great and North American crop story has yet to be told. 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 and 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. The Canadian durum region is not the region that is behind in planting progress, and these acres are currently being planted.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/

MARKET OUTLOOK - WHEAT Markets trying to decipher where the fine line is between where the crops will benefit from the forecasted rainfall in western Kansas and eastern Colorado this week. The markets did not do an abrupt selloff on theforecasted precipitation, which points to markets sitting with a “show me” attitude on the upcoming rains. This region is the markets focus on wheat, but we are starting to see a few more reports out of Euro region and eastern Europe. Some colder weather there has slowed spring crop planting in Russia and some dryness starting to build in Poland and into Ukraine, but markets focus is not here quite yet and will see if it does transition into a hot topic item or not. The USDA will publish official 2026/27 estimates in the May USDA reportnext week. The market will also turn focus onto the spring wheat crops that are being planted in North Dakota, Montana and Minnesota and the Canadian crop. Overall, we will be sitting in a wheat weather market from here forwards. MARKET OUTLOOK - DURUMPrice opportunities to the upside of durum appear limited for the short term. North African crop looks great, North American crop story has yet to be told. Turkish crop is expected to be a larger crop this upcoming harvest and could result in lower import demand from the region overall. Markets 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. Canadian planting will be taking place over the next 10 to 14 days.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/

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.

Market Outlook – Wheat Markets are hyper focused on the U.S. winter wheat crop as the only real problematic region in the world.  Russia, Ukraine and European Union crops all look as expected and are growing without major market concern. Many of these regions will be putting out a smaller crop than last year but that has been anticipated for several months now, partly in anticipation to come off of last year's large yields in many areas. We will begin to see more official reports on 2026/27 production estimates as the European Union and many of the northern hemisphere crops begin to come closer to their harvest season in June and July. The USDA will publish official 2026/27 estimates in the MayUSDA report. U.S. weather is the focus right now as some major dryness in the HRW wheat belt, lack of rain and a touch of frost in western parts of the region on the weekend. The market will also turn focus onto the spring wheat crops that are being planted in North Dakota, Montana and Minnesota here in the coming weeks. The crop was 6 per cent planted as of last week and should be over the double digit point this week. Canadian crop planting is just set to begin once the weather turns warmer. 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 sitting with 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. 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 ample carryouts and a good prospect for the North African / Mediterranean crop. North African crop for durum still appears quite promising. Turkey is expected to put out a larger crop this upcoming harvest and could result in lower import demand from the region overall. Lower durum acreage anticipated in the U.S. and Canada. Markets watching to see how the 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 Africancrop comes off.

MARKET OUTLOOK – WHEATAs of right now, dryness in the United States is the most watched on the radar. Most of the Euro region and into the Black Sea are faring alright with some issues but nothing to raise major attention of markets. Ukraine’s southern region and Poland are faring on the drier side, although the market is not focusing quite on major production losses there yet, but will be monitoring. Canadian crop planting is just beginning but still two weeks away from when major progress is expected across the Prairies. Producers could be moving some grain as we play with crop marketing year highs. Producers should be cognisant of when they need to move their old crop wheat to the market. Outside of the U.S., weather issues for wheat look limited although that sentiment can shift anytime.   MARKET OUTLOOK – DURUMPrice outlook looks flat for durum for the time being. The North African crop for durum still appears quite promising and Turkey is expected to put out a larger crop this upcoming harvest, which could result in lower import demand from the region overall. Algeria is anticipated to tender for 50,000 tonnes of durum this week and durum markets will be watching closely to see how the tender comes in. Lower durum acreage is anticipated in the U.S. and Canada. Markets are watching to see how the 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 export.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/

MARKET OUTLOOK - WHEAT Wheat markets will be watching precipitation forecasts more from here on forwards for the growing regions of northern hemisphere crops. Better rainfall for parts of the U.S. winter wheat production region is in the forecast for Oklahoma and Kansas. As of right now, dryness in the United States is the most watched on the radar. Most of the Euro region and into the Black Sea are faring alright with some issues but nothing to raise major attention of markets. Ukraine’s southern region and Poland faring on the drier side. Canadian crop planting season still 3 weeks away from being planted in major fashion. Canadian wheat remains competitive for export into global markets but much of the business was done earlier and export pace relative to last year has been slipping. We are around 4 per cent ahead of last year's export pace vs 15 per cent earlier on in the crop marketing year. 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. Producers can be moving some grain as we play with crop marketing year highs and should be cognizant of when they need to move their old crop wheat to the market. We will be in a full weather market for wheat beginning in about 1 months' time as Canadian planting will be underway and European and Black Sea and U.S. winter crops will be in moisture dependent stages.MARKET OUTLOOK - DURUM Price outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Some better exports recently have been noted. Morocco, Tunisia and Algerian durum crops anticipated to be in good shape and higher output once it becomes harvest time could lower import demand needs thereafter if realised. Watching this market closely as they are still in the growing season and important to be watching the agroclimatic from here on out but as of right now, things look quite favorable in the North African region, and the crops will begin harvest in 1 month. Markets are focused on how Canadian crop prospects will look once time to put that crop into the ground. Canada being the world's largest exporterdoes have a major influence on the market. 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/

MARKET OUTLOOK - WHEAT Wheat markets will begin to see more reports on the Northern Hemisphere crops as their growing season begins. Expect more consistent weather updates as the crop conditions reports will begin to be released from major wheat production / exporting nations: Russia, Ukraine, European Union, Canada and the United States. Markets will be watching precipitation forecasts more going forward for the growing regions of Northern Hemisphere crops. As of right now, dryness in the United States is the most watched on the radar. Most of Euro region and into the Black Sea are faring alright with some issues but nothing to raise major attention of markets. Canadian wheat remains competitive for export into global markets but much of the business was done earlier and export pace relative to last year has been slipping. We are around 6 per cent ahead of last years export pace vs 15 per cent earlier on in the crop marketing year. Canola and other crops are taking up more export volume and capacity in recent weeks at the expense of wheat as exporters move more of the other crops through the system. 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. Producers could be moving some grain at cropmarketing year highs with the recent uptick in values and should be cognisant of when they need to move their old crop wheat to the market. MARKET OUTLOOK - DURUMPrice outlook overall for durum appears relatively flat as has been for much of the marketing year for western Canadian producers. Morocco, Tunisia and Algerian durum crops are anticipated to be in good shape with higher output once it becomes harvest time could lower import demand needs thereafter if realised. Watching this market closely as they are still in the growing season and important to be watching the agroclimatic from here on out but as of right now, things look quite favorable in the North African region. Markets are focused on how Canadian crop prospects will look once time to put that crop into the ground. Canada being the worlds largest exporter and always does have a major influence on the market. Dryness in southern production regions of Saskatchewan will be the region markets are watching as we enter later April and into May.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/

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.

MARKET OUTLOOK - WHEAT Futures take a setback on Monday morning after having had a strong showing this past week. Risk premium had been put into ag markets on the conflict and will trade accordingly. This past trading week, Canadian wheat domestic price targets have been triggered at levels not seen yet since the crop was initially available to the market in September and $8 became obtainable in a few scenarios. 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 with some heavier numbers being reported from Ukraine. U.S. winterkill is not 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 still tracking on pace for a record season.MARKET OUTLOOK - DURUM Tunisia tendered for a 50,000-tonne allotment of durum this past week and has brought some fresh demand into the marketplace. Price outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Markets are focused on how Canadian and global ending stocks will shake out for durum and how the North African and Mediterranean, European crop prospects appear over the coming months. As of right now, allreports show favourable conditions for the cropping regions with reports of very few issues in these areas so far. North African regions have received quite good winter rainfall and the crop prospect sitting quite positive for now in many key production areas. Market will also turn attention to Canadianprairie agroclimatic closer to spring. 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/

MARKET OUTLOOK - WHEAT Wheat futures had a strong showing this past week and have translated into some higher value targets being picked up for wheat across the Prairies. Iranian conflict shaking up markets all around including energies and agriculture. Risk premium had been put into ag markets on the conflict and will trade accordingly. The region is a large net importer of wheat, and markets might look to see if there will be any potential stockpiling or shifting of demand into the region. Canadian wheat domestic price targets are being triggered at levels not seen yet since the crop was initially available to the market in September. Markets will be watching precipitation forecasts more from here on for the growing regions of northern hemisphere crops. The crops in these regions are believed to have escaped the worst of the winterkill scenarios mid-January. Some drought issues in the U.S. winter wheat growing region and some mixed state-by-state analytics in the periodical updates provided on the overwintering crop. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market but will need to be cognizant to remain to remain competitive going forwards.MARKET OUTLOOK - DURUM Price outlook overall for durum appears relatively flat as it has been for much of the marketing year for western Canadian producers. Markets are focused on how Canadian and global ending stocks will shake out for durum and how the North African, Mediterranean and European crop prospects appear over the coming months. As of right now, all reports show favourable conditions for the cropping regions with reports of very few issues in these areas so far. North African regions have received good winter rainfall, and the crop prospect is positive for now in many key production areas. The market will also turn attention to Canadian prairie agroclimatic closer to spring. 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/

MARKET OUTLOOK - WHEAT Wheat futures had a strong showing this past week and have translated into some higher value targets being picked up for wheat across the prairies. Canadian wheat domestic price targets are being triggered at levels not seen yet since the crop was initially available to the market in September. Some buying of futures in the market has reduced overall managed money short positions. Some weather scares and repositioning by traders as the wheat crop ending stocks and forecasts do not look as burdensome as they once did just a month ago. The market is entering an interesting time here shortly as it will keep its focus onto winter wheat conditions in Black Sea, European Union and United States when they do begin to break dormancy into April. Markets will be watching precipitation forecasts more from here on forwards. The crops in these regions are believed to have escaped the worst of the winterkill scenarios mid-January. Some drought issues in the U.S. winter wheat growing region and some mixed state by state analytics in the periodical updates provided on the overwintering crop. Once dormancy breaks, that is when we will know best and the market will likely stay sideways until it gets a solid feel of what that crop looks like. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market but will need to be cognizant to remain competitivegoing forwards.MARKET OUTLOOK - DURUMThe overall price outlook for durum appears relatively flat as it has been for much of the marketing year for western Canadian producers. Markets are focused on how Canadian and global ending stocks will shake out for durum and how the North African and Mediterranean, European crop prospects appear over the coming months. As of right now, all reports show favorable conditions for the cropping regions with reports of very few issues in these areas so far. North African regions have received quite good winter rainfall, and the crop prospects are sitting quite positive for now in many key production areas. The market will also turn attention to Canadian prairie agroclimatic closer to spring. 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/

MARKET OUTLOOK – WHEATWheat futures have had a strong showing this past week and has translated into some higher value targets being picked up for wheat across the Prairies. Canadian wheat domestic prices are up $8 to $10 CDN per tonne week-over-week for posted bids and targets are being triggered at levels not seen yet since the crop was initially available to the market in September. Some buying of futures in the market has reduced overall managed money short positions. Some weather scares and repositioning by traders as the wheat crop ending stocks and forecasts do not look as burdensome as they once did just a month ago. The market is entering an interesting time here shortly as it will keep its focus onto winter wheat conditions in the Black Sea, European Union and United States when they do begin to break dormancy into April. The crops in these regions are believed to have escaped the worst of the winterkill scenarios mid-January. Some drought issues in the U.S. winter wheat growing region and some mixed state-by-state analytics in the periodical updates are provided on the overwintering crop. Once dormancy breaks, that’s when we will know the best and the market will likely stay sideways until it gets a solid feel of what that crop looks like. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market but will need to be cognizant to remain competitive as U.S. export values have dropped recently. MARKET OUTLOOK – DURUMThe price outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Markets are focused on how Canadian and global ending stocks will shake out for durum, plus how the North African and Mediterranean and European crop prospects appear over the coming months. As of right now, all reports show favourable conditions for the cropping regions with reports of very few issues in these areas so far. North African regions have received quite good winter rainfall, and the crop prospect is sitting quite positive for now in many key production areas. The market will also turn attention to Canadian prairie agroclimatic closer to spring. 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/

MARKET OUTLOOK – WHEATBids to Canadian prairie producers have been relatively flat with basis improvements being thrown at producer bids to entice product into the system when needed on futures drops. The market sits comfortably for the time being but will keep its focus onto winter wheat conditions in Black Sea, European Union and United States when they do begin to break dormancy into April. The crops in these regions are believed to have escaped the worst of the winterkill scenarios mid January. Some drought issues in the U.S. winter wheat growing region and some mixed state-by-state analytics in the periodical updates provided on the overwintering crop. Once dormancy breaks, that’s when we will know the best and the market will likely stay sideways until it gets a solid feel of what that crop looks like. Aside from this, demand drive is what the market will need to see to chew away at some of the increased stocks that have ended up on the global balance sheet. As for Western Canadian wheat values, we are continuing to anticipate a neutral market for the coming weeks ahead as we currently sit in a demand driven market and global supplies have grown but are well understood. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market but will need to be cognizant to remain competitive as U.S. export values have dropped recently. Anticipating sideways markets for the near future. MARKET OUTLOOK – DURUMPrice outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Stocks are higher than the year prior in Canada / globally and exports are strong versus where anticipations were at the beginning of the season. Markets are focused on how Canadian and global ending stocks will shake out for durum and, plus how the North African and Mediterranean, European crop prospects appear over the coming months. As of right now, all reports show favorable conditions for the cropping regions with reports of very few issues in these areas so far. The market will also turn attention to the Canadian prairie agroclimatic closer to spring. Markets remain in a demand driven market, with limited production news to send market in either direction.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/

MARKET OUTLOOK – WHEATBids to Canadian Prairie producers have been relatively flat with basis improvements being thrown at producer bids to entice product into the system when needed on futures drops. The market sits comfortably for the time being but will keep its focus onto winter wheat conditions in the Black Sea, European Union and United States. All initial reports for these areas remain mostly positive as they are believed to have escaped the worst of the winterkill scenarios mid-January. Some drought issues in the U.S. winter wheat growing region and some mixed state by state analytics in the periodical updates provided on the overwintering crop. Once dormancy breaks, that is when we will know the best and the market will likely stay sideways until it gets a solid feel of what that crop looks like. Aside from this, demand drive is what the market will need to see to chew away at some of the increased stocks that have ended up on the global balance sheet. As for Western Canadian wheatvalues, we are continuing to anticipate a neutral market for the coming weeks ahead as we currently sit in a demand driven market and global supplies have grown but are well understood. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market and will need to do so to move out our larger inventories. We expect sideways markets for the near future.  MARKET OUTLOOK – DURUMPrice outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Algeria’s tender for durum helps chew up a few more tonnes of Canadian durum. Stocks are higher than the year prior in Canada / globally and exports are strong vs where anticipations were at the beginning of the season. Turkey has turned into a net importer of durum, and we will need to see how demand into some of our key markets forecasts out. Markets are focused on how Canadian and global ending stocks will shake out for durum and how the North African and Mediterranean, European Union crop prospects appear over the coming months. As of right now, all reports show favorable conditions for the cropping regions. Markets remain in a demand driven market with limited production news to send the market in either direction. 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/

MARKET OUTLOOK – WHEATWestern Canadian export wheat bids picked up another $2 per tonne week-over-week off the west coast, after snagging $2 the week prior. Inland bids have been relatively flat with basis improvements being thrown at producer bids to entice product into the system when needed on futures drops. Wheat markets were watching for winterkill news out of the Black Sea or U.S. wheat production regions this past week, but that weather risk has fell off. The market sits comfortably for the time being but will keep its focus on winter wheat conditions in Black Sea, European Union and United States. Aside from this, demand drive is what the market will need to see to chew away at some of the increased stocks that have ended up on the global balance sheet. As for westernCanadian wheat values, we are continuing to anticipate a neutral market for the coming weeks ahead as we currently sit in a demand-driven market and global supplies have grown as Australia and Argentina wrapped up their harvest. Producers will want to pencil this Friday, Feb. 6, 2026, Stocks of Principal Field Crop Report into their calendars. The report will be the next large fundamental CDN data available for markets to trade upon and is just on the horizon. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market and will need to do so to move out our larger inventories.  MARKET OUTLOOK – DURUMPrice outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Algeria’s tender for durum helps chew up a few more tonnes of Canadian durum. Stocks are higher than the year prior in Canada / globally and exports are strong vs. where anticipations were at the beginning of the season. Turkey has turned into a net importer of durum, and we will need to see how demand into some of our key players forecasts out. Markets are focused on how Canadian and global ending stocks will shake out for durum and, plus how the North African and Mediterranean, and European crop prospects appear over the coming months. As of right now, all reports show favourable conditions for the cropping regions. Markets remain in a demand driven market, with limited production news to send the market in either direction.If readers are interested in a comprehensive listing of 2026 major report release dates, followthe link attached. https://exceedgrainmarketing.com/2026-global-major-report-release-calendar/

MARKET OUTLOOK – WHEAT Western Canadian export wheat bids picked up $2 per tonne week-over-week at the port and seeing some similar strength at inland locations. Bids have been relatively flat with basis improvements being thrown at producer bids to entice product into the system when needed. The markets are watching if cold weather in the United States and Black Sea wheat production regions will threaten any crop conditions in these areas. The market sits comfortably for the time being but will keep its focus onto winter wheat conditions in Black Sea, European Union and United States. Aside from this, demand drive is what the market will need to see to chew away at some of the increased stocks that have ended up on the global balance sheet. As for Western Canadian wheat values, we are anticipating a neutral outlook for the coming weeks ahead as we currently sit in a demand driven market and global supplies have grown as Australia and Argentina wrapped up their harvest. Producers will want to pencil Feb. 6, 2026, Stocks of Principal Field Crop Report into their calendars. The report will be the next large fundamental CDN data available for markets to trade upon and is just on the horizon. Canadian wheat has been doing a good job at maintaining its competitiveness in the global market and will need to do so to move out our larger inventories. The gap between USA and CDN West Coast bids narrowed week over-week.  MARKET OUTLOOK – DURUMPrice outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Algeria’s tender for durum helps chew up a few more tonnes of Canadian durum. Stocks are higher than the year prior in Canada / globally and exports are strong vs where anticipations were at the beginning of the season. Turkey has turned into a net importer of durum grain, and we will need to see how demand into some of our key players forecasts out. Markets are focused on how Canadian and global ending stocks will shake out for durum and, plus how the North African and Mediterranean, European crop prospects appear over the coming months. As of right now, all reports show favorable conditions for the cropping regions. Markets remain in a demand driven market. With limited production news to send market in either direction.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/

MARKET OUTLOOK – WHEAT Western Canadian cash wheat bids lost $1 per tonne week over week but remain in the trading range for cash values we have seen since late November. Western Canadian bids for producers have been quite steady overall with limited moves to the upside. Basis has been found to strengthen when futures weaken in Central SK values. Producers continue to fill the system with wheat around these values as producer deliveries and exports continue at a steady pace, although slightly behind where we were heading into the new year. Canadian wheat has been doing a good job at maintaining itscompetitiveness in the global market and will need to do so to move out our larger inventories. The market sits comfortably for the time being but will begin to shift its focus onto winter wheat conditions in the Black Sea, European Union and United States in the coming months. Aside from this, demand drive is what the market will need to see to chew away at some of the increased stocks that are being presented as Argentina and Australia wrap up their harvests. For Western Canadian wheat values, we are anticipating a neutral outlook for the coming weeks ahead as we currently sit in a demand driven market. Producers may want to pencil the Feb. 6, 2026, Stocks of Principal Field Crop Acres Report into their calendars. The report will be the next large fundamental CDN data available for markets to trade upon. MARKET OUTLOOK – DURUMPrice outlook overall for the crop appears relatively flat as has been for much of the marketing year for western Canadian producers. Algeria’s tender for durum helps chew up a few more tonnes of Canadian durum. Stocks are higher than the year prior in Canada / globally and exports are strong vs where anticipations were at the beginning of the season. Turkey has turned into a net importer of durum grain, and we will need to see how demand into some of our key players forecasts out. Markets are focused on how Canadian and global ending stocks will shake out for durum and, plus how the North African and Mediterranean, European crop prospects appear over the coming months. Right now, we are in a demand driven market with limited production news to send market in either direction.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/

MARKET OUTLOOK – WHEATWestern Canadian cash wheat bids grabbed $2 per tonne week-over-week but remain in the trading range for cash values we have seen since late November. Producers continue to fill the system with wheat around these values as producer deliveries and exports continue at a steady pace. Exports were down week-over-week to some of the lowest values of the year. 224,000 tonnes (525,500 tonnes week prior) left the borders in Week 22, but holiday trade could be blamed partly for that move. Canadian wheat needs to remain competitive into the world market and a growing supply of wheat globallywill cap major moves to the upside. Market sits comfortably for the time beingbut will begin to shift its focus onto winter wheat conditions in the Black Sea, European Union and United States in the coming months. Aside from this, demand drive is what the market will need to see to chew away at some of theincreased stocks that are being presented as Argentina and Australia wrap up their harvests. Fully updated charts below in this week’s report from today's USDA WASDE and FAS reports. Western Canadian wheat market outlook remains relatively neutral for the current time.MARKET OUTLOOK – DURUMPrice outlook overall for the crop appears relatively flat as has been for much of the marketing year for Western Canadian producers. Algeria’s tender for durum helps chew up a few more tonnes of Canadian durum. Stocks are higher than the year prior in Canada and exports are strong vs where anticipations were at the beginning of the season. Turkey has turned into a net importer of durum grain, and we will need to see how demand into some of our key players forecasts out. Markets are focused on how Canadian and global ending stocks will shake out for durum and, plus how the North African, Mediterranean, and European crop prospects appear over the coming months. Right now, we are in a demand driven market.If readers are interested in a comprehensive listing of 2026 major report release dates. Follow the link: https://exceedgrainmarketing.com/2026-global-major-report-release-calendar/

MARKET OUTLOOK – WHEAT Cash wheat bids across western Canada begin 2026 in a similar spot to where they ended out the late December trade. Similar cash bids are being shown to producers and producers have been willing to sell into these markets as exports continue to move out of the nation at a speedy pace. Strong export demand continues to entice product in the system at current levels. Western Canadian producers continue to ponder the crops they sell, and wheat has been a relatively quick to move crop for producers as delivery windows have been readily available. Globally, the wheat balance sheet looks heavier than it did just a few months ago but much of the increase in stocks has been anticipated for several weeks already. Russia, Argentina, Australia and Canada’s crops came in larger than initial market expectations, but the market has known this data for several weeks, even months in the cases of Russia and Canada. The crop prices overall have continued to be relatively flat as the market has not had to fight to find supplies. The next majorreports released will be the Jan. 12, 2026, USDA WASDE + FAS reports and Statistics Canada’s Feb. 6, 2026, report which will feature estimates on Dec. 31, 2025, crop inventories. MARKET OUTLOOK – DURUMAs we enter the new year, durum markets will get a better sense of how the crop marketing year could potentially finish off.  Algeria’s tender for durum helps chew up a few more tonnes of durum. Stocks are higher than the year prior in Canada and exports are strong compared to where anticipations were at the beginning of the season. Turkey has turned into a net importer of durum, and we will need to seehow demand into some of our key players forecasts out. We will also begin to get a full view of how Northern African and EU winter crops are shaping up in our 2026 forecasts. 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/

MARKET OUTLOOK – WHEAT Cash markets in Saskatchewan pulled back at the start of last week on some weakness in futures, but as we enter the last few days of December, posted bids on stronger basis appear to be enticing grain into the system yet. This is showcasing relative strength for Canadian exportable wheat as the futures values have remained near their lows and with Minneapolis spring wheat setting new contract lows last week, prairie cash bids have remained relatively flat. Strong export demand continues to entice product in the system at current levels. Globally, the wheat balance sheet looks heavier than it did just a few months ago but much of the increase in stocks has been anticipated for several weeks already. The Argentinian and Australian crop harvest is nearly completed, and the market will shift to other news shortly. Market focus will turn to demand signals from the market and how the ending balance sheets might play out at the end of the marketing year. Next up we will be keeping a close eye on European, Black Sea and North American winter wheat crops. The wheat market will also face influence from overall futuresmarket movement.  MARKET OUTLOOK – DURUMAs we enter the new year, durum markets will get a better sense of how the crop marketing year could potentially finishoff.  Stocks are higher than the year prior in Canada and exports are strong vs. where anticipations were at the beginning of the season. Great Lake traffic will stall in January for a few months as the system undergoes its normal winter pause and we will see continued movement off our west coast terminals. Turkey has turned into a net importer of durum grain, and we will need to see how demand into some of ourkey players forecasts out. We will also begin to get a full view of how Northern African and EU winter crops are shaping up in our 2026 forecasts. A MESSAGE FROM EXCEEDWe are honoured to be able to bring you the global wheat market outlook each week. We are excited for what 2026 has in store and look forwards to bringing top quality data to readers and listeners each week. Next market report will be Jan. 5, 2026.

MARKET OUTLOOK - WHEAT Cash markets in Saskatchewan are pulling back slightly on posted bids although export pace remains steady. Basis has weakened from its mid-November peak but within the range of post-harvest levels. Strong export demand continues to entice product in the system at current levels. Globally, the wheat balance sheet looks heavier than it did just a few months ago but much of the increase in stocks has been anticipated for several weeks already. USDA WASDE confirmed the larger supplies the market has been trading in recent weeks. North American exporters will need to remain competitive as large Argentinian and Australian crops are available to the market. Some quality concerns beginning to show from Australia and Argentina’scrops as protein issues are showing up in pockets with larger yields. We will be looking ahead to winter crop progress as we head into the coming months and watch for any issues in the European and U.S. winter wheat crops which are in mostly strong shape as of now. Over the next month markets will shift focus to demand and begin looking at deeper projections for the 2026/27 crop as much of the Northern Hemisphere winter crops are planted and what economics of spring plantings look like. WHEAT OUTLOOK - DURUMStatistics Canada placed the Canadian durum crop at 7.1MMT whichwas mostly in line with the range of estimates. Western Canadian bids have been mostly flat in recent weeks and the production figure for durum will not necessarily serve as a shock to the market as larger production was estimated from the Canadian durum crop. Demand is still fair and port stocks of 400,000 mt (467,000 mt last week) in the system tagged for export as of Week 18, with the majority of such sitting in Thunder Bay and St Lawrence systems. We will be watching European and North African weather conditions for the durum production regions over there. In the November report, IGC placed durum ending stocks at 8.3 MMT up from 8 MMT in its prior estimate for the 2025/26 crop marketing year. This is growth from 7 MMT last year and 6.2 MMT the year prior. IGC has Canadian durum production at 7.5 MMT which is up from Statistics Canada’s figures of 7.1MMT. For reference, the Canadian durum crop record production was 7.8 MMT in 2016. Aside from that 6.571 MMT would be the prior second place record in 2020, surpassed by 2025 production.

Market Outlook – WheatCash markets in Saskatchewan are pulling back slightly from their late November peak. Basis has weakened slightly overthe past week but within the range of post-harvest levels. Strong export demand continues to entice product in the system. Globally, the wheat balance sheet looks heavier than it did just a few months ago but much of the increase in stocks has been anticipated for several weeks already. USDA WASDE and FAS reports will be closely watched by the markets tomorrow. North American exporters will need to remain competitive as large Argentinian and Australian crops are available to the market, and these crops continue to grow with the updated Argentinian and Australian figures. We will be looking ahead to winter crop progress as we head into the coming months and watch for any issues in the European and U.S. winter wheat crops which is in mostly strong shape as of now. Over the next month markets will shift focus to demand and begin looking at deeper projections for the 2026/27 crop as much of the Northern Hemisphere winter crops are planted. Market Outlook – DurumStatistics Canada placed the Canadian durum crop at 7.1MMT which was mostly in line with the range of estimates. Western Canadian bids have been mostly flat in recent weeks and the production figure for durum will not necessarily serve as a shock to the market as larger production was estimated from the Canadian durum crop. Demand is still fair and port stocks of 467tmt in the system tagged for export as of Week 17 with most sitting in the Thunder Bay and St. Lawrence systems. We will be watching European and North African weather conditions for the durum production regions over there. In the November report, IGC placed durum ending stocks at 8.3MMT up from 8MMT in its prior estimate for the 2025/26 crop marketing year. This is growth from 7MMT last year and 6.2MMT year prior. IGC has Canadian durum production at 7.5MMT which is up from Statistics Canada’s figures of 7.1MMT.  For reference, the Canadian durum crop record production was 7.8MMT in 2016. Aside from that 6.57MMT would be the prior second place record in 2020, surpassed by 2025 production.

MARKET OUTLOOK – WHEATCash markets in Saskatchewan are floating around their crop marketing year highs but appear to be sitting comfortable atthe values posted. Stronger basis and some support from futures have helped keep the markets higher. Strong export demand continues to entice product in the system. Globally, the wheat balance sheet looks heavier than it did just a fewmonths ago but much of the increase in stocks has been anticipated for several weeks already. Canadian and U.S. demand is very strong, and FOB values have been gaining ground. North American exporters will need to remain competitive as large Argentinian and Australian crops are available to the market, and these crops continue to grow with the updated Argentinian and Australian figures. We will be looking ahead to winter crop progress as we head into thecoming months and watch for any issues in the European and U.S. winter wheat crops which in mostly strong shape as of now. MARKET OUTLOOK – DURUMDemand remains the big item to watch on durum. Export pace from Canada is slightly behind last year's pace. Western Canadian bids are flattening in the past few weeks and have not seen as much post-harvest market appreciation as spring wheat. We will be watching European winter weather conditions for the durum production regions over there. Demand is anticipated to be less than last year, but markets will watch to see if we maintain anticipated pace or move on either side of it. Statistics Canada crop production estimates are out on Thursday and will be very closely watched byglobal markets to see how the crop shapes up compared to estimates. In the November report, IGC placed durum ending stocks at 8.3 mmt up from 8.0 mmt in its prior estimate for the 2025/26 crop marketing year. This is growth from 7.0 mmt last year and 6.2 mmt the year prior. IGC has Canadian durum production at 7.5 mmt which is up from Statistics Canada’s figures. Stats Canada has the Canadian durum crop at 6.5 mmt in its Sept. 17, 2025 satellite imagery-based report. Statistics Canada will release official estimate of the 2025 crop size totals in its Dec. 4, 2025 report. For reference, the Canadian durum crop record production was 7.8 mmt in 2016. Aside from that, 6.571 would be the second-place record in 2020.

MARKET OUTLOOK – WHEATCash markets in Saskatchewan are touching crop marketing year highs once again this past week for spring wheat. Stronger basis and some support from futures have helped keep the markets higher before pulling back slightly into the weekend. Strong export demand continues to entice product in the system. Globally, the wheat balance sheet looks heavierthan it did just a few months ago but much of the increase in stocks has been anticipated for several weeks already. Canadian and U.S. demand is very strong, and FOB values have been gaining ground. North American exporters will need to remain competitive as large Argentinian and Australian crops are available to the market. We will be looking ahead to winter crop progress as we head intothe coming months and watch for any issues in the European and U.S. winter wheat crops which are in mostly strong shape as of now. MARKET OUTLOOK – DURUMDemand remains the big item to watch on durum. The export pace from Canada is slightly behind last year's pace. Western Canadian bids were flattening in the past week and have not seen as much post harvest market appreciation as spring wheat. We will be watching European winter weather conditions for the durum production regions over there.Demand is anticipated to be less than last year, but markets will watch to see if we maintain anticipated pace or move on either side of it. Statistics Canada crop production estimates out next week will be very closely watched by global markets to see how the crop shapes up compared to estimates.

MARKET OUTLOOK – WHEATCash markets in Saskatchewan were touching crop marketing year highs this past week for spring wheat. Stronger basis and some support from futures have helped bring the markets higher. Strong export demand has elevators working to keep the product in their system. The USDA WASDE tacked on more production to global wheat balance sheets but keep in mind the usage levels were raised as well. The overall balance sheet looks heavier than it did just a few months ago but much of the increases were somewhat anticipated by the market heading into the USDA’s report. The market wasanticipating at least slight bumps to Argentinian, Australian, Canadian, and Russian levels prior to the report's release. The ending stocks data is well illustrated in the charts below. Canadian and U.S. demand is very strong, and FOB values are gaining ground. As always, demand needs to be watched closely as there are larger crops to be moving but if export pace remains on track, it could keep ending stocks from becoming burdensome in Canada. Markets have a good understanding of the global supplies, and we will finish off theAustralian and Argentinian harvests in the coming weeks. We will be looking ahead to winter crop progress as we head into the coming months. MARKET OUTLOOK – DURUMDemand is the big item to watch on durum. Export pace from Canada is slightly behind last year's pace. Italian buyers are cautious due to proposed pasta tariffs of 92 per cent into theUnited States, although these are expected to be postponed for the time being. They were initially threatened to take place in January. Markets will need to see import demand from Italy and North Africa as we head into winter season to keep bids stable. Saskatchewan durum bids are on average $8 CDN per tonne off the harvest lows set late September and are showing a flatline pace for the time being. There is anticipated to be ample supplies in the marketplace for the time being to meet current export demand. Quality is less than last year with 38 per cent of the durum in the #3 category and 15 per cent in #4 and #5 CWAD combined. Tunisia tendered for durum for the first time since the beginning of the year in January and came in at $323 to $326 per tonne for 100,000 tonnes.

MARKET OUTLOOK – WHEAT Markets have recently bumped higher thanks to renewed Chinese demand in U.S. wheat. Trade rumours throughout the beginning of the week first sparked the markets interest and held steady once the word of the two cargos were secured. Argentinian and Australian harvest is underway, and the crops appear to be getting bigger vs smaller. Some reports that Argentina’s 22 mmt crop could be on the light side of production. Quality appears good with some light frost damage in regions but will likely not affect the overall crop. Australia’s crop in the Western region tacked on 1 mmt of tonnage in a recent report. Demand for North American wheat is holding up well as Canadian and U.S. crop exports ahead of last years levels even a few months now into the new crop marketing campaign. Demand is the big figure to be watching going forwards, although it appears to be pricing itself well as global wheat bids are stable to higher. Producer bids for spring wheat in the Canadian prairies have been increasing and basis on the Canadian prairies is doing the heavy lifting (see chart below) and we are still on hold for making big sales for now but are beginning to show interest in some small moves as cashflow and logistics dictate. As we head into winter, another item to watch will be any drought or issues with either the European, Black Sea or U.S winter wheat crops. MARKET OUTLOOK – DURUMGlobal durum markets will begin to look at how the European and North African crops begin to shape up as we enter winter season. Export pace continues to be strong but will need to continue its trajectory. EU import pace is up 28 per cent year-over-year but below the five-year average. Early demand has been promising and the notable 310,000 tonne sale to Algeria in October helped boost export sentiment. Provincial reports point to the crop being larger than Statistics Canada with Saskatchewan provincial crop report pointing to a 39 bpa average for durum vs a 34 bpa average just one year ago. Market prices are flat recently, up off the harvest lows and touching $8.00 in some further eastern prairie regions. Production is expected widely within the market to surpass Statistics Canada’s 6.5 mmt crop. Quality of the crop is a bit of an issue vs last year as there is more durum in the #3 and lower categories. #1 durum carrying a premium in the domestic market. Global import demand expected to drop from 9.2 mmt last year to 8.6 mmt this year, larger global production being penciled in at 37.2 mmt vs last years 36.4 mmt of which Canada will account for 6.5 mmt of that. EU crop at 8.3 mmt vs 7.2 mmt last year. Ending stocks, this year are expected globally at 7.5 mmt vs 6.7 mmt last year and Canadian durum will need to be competitive.

MARKET OUTLOOK – WHEATMarkets leaving the contract lows a little further in the rearview mirror for Chicago and Kansas City wheat. Minneapolis wheat struggling to keep pace relative to Chicago and Kansas City. Overall, wheat markets continue to be fed new rhetoric towards larger crops. Argentinian and Australian harvest is underway, and the crops appear to be getting bigger vs smaller. Argentina’s initial crop harvest reports are that yields are better than anticipated. Australia’s crop in the Western region tacked on 1 mmt of tonnage anticipated and will keep the bulls somewhat limited as there is a bigger crop to chew through. Demand for North American wheat holding up well as Canadian and U.S. crop exports are ahead of last year's pace. Demand is the big figure to be watching going forward. Market will be looking to see if we can ramp up Russian/Black Sea shipments as there is a sizeable crop to move out of that region as well. Global wheat bids are stable to higher. We are transitioning into winter exporting season for northern hemisphere producers. Producer bids for spring wheat in the Canadian prairies have been increasing and basis on the Canadian prairies is doing the heavy lifting (see chart below).  We are still on hold for making big sales for now but are beginning to show interest as we see cash bids continue to improve. As we head into winter another item to watch will be any drought or issues with either the European, Black Sea or U.S. winter wheat crops. MARKET OUTLOOK – DURUMEarly demand has been promising and the notable 310,000 tonne sale to Algeria in October will only improve export prospects for the short term. Provincial reports point to the crop being larger than Statistics Canada with the Sask. provincial crop report pointing to a 39 BPA average for durum vs a 34 BPA average just one year ago. Market prices have picked up since harvest lows and are touching $8.00 in somefurther eastern prairie regions. Production is expected widely within the market to surpass Statistics Canada’s 6.5 mmt crop. Quality of the crop is a bit of an issue vs last year as there is more durum in the #3 and lower categories. #1 durum is carrying a premium in the domestic market. Global import demand is expected to drop from 9.2 mmt last year to 8.6 mmt this year, larger global production being penciled in at 37.2 mmt vs last year's 36.4 mmt of which Canada will account for 6.5 mmt of that. EU crop at 8.3 mmt vs 7.2 mmt last year. Ending stocks, this year are expected globally at 7.5 mmt vs 6.7 mmt last year and Canadian durum will need to be competitive. Early exports of Canadian durum have been keeping a good pace and pricing well into EU and NorthAfrica.

MARKET OUTLOOK – WHEAT Wheat markets picking up ground this week and leaving the contract lows a little further in the rearview mirror for Chicago and Kansas City wheat. Minneapolis wheat has its lows a littlecloser as new ones were set last week. Minneapolis wheat in Monday’s trade action at the close is also the weakest of the contracts, with Chicago and Kansas City up double digits while Minneapolis wheat is struggling to hold onto its gains for the session. Overall, wheat markets continue to be fed new rhetoric towards larger crops. Argentinian and Australian harvest is underway, and the coming weeks will determine the crop size. The market well understands that these two nations have big crops coming and the market will look forconfirmation of these figures. Demand is the big figure to be watching. U.S. and Canadian demand appear very strong for early in the shipping season and Canadian wheat is being exported at a very rapid pace with what looks to be good export outlook for the near future as well. The market will be looking to see if we can expedite Russian/Black Sea shipments as there is a sizeable crop to move out of that region. Global wheat bids are relatively stable, some fewdollar moves in FOB values each week but relative stability. We are transitioning into winter exporting season for northern hemisphere producers. Producer bids for spring wheat in the Canadian prairies still have been increasing and basis on the Canadian prairies is doing the heavy lifting. We are still on hold for making big sales for now but are beginning to show interest if we see cash bids continue to improve. As we head into winter another item to watch will be any drought or issues with either the European, Black Sea or U.S. winter wheat crops. MARKET OUTLOOK – DURUMEarly demand has been promising and the notable 310,000 tonne sale to Algeria will only improve export prospects for the short term. Provincial reports point to the crop being larger than Statistics Canada with Saskatchewan provincial crop report pointing to a 41 bpa average for durum vs a 33 bpa average just one year ago. Market prices have stabilized recently domestically following harvest lows. Production is expected widely within the market to surpass Statistics Canada’s 6.5 mmt crop. Crop prices domestically have stabilized and are seeing crop prices in the $7.75+ per bushel range across Saskatchewan and have picked up around $0.25 per bushel over the past month. Global import demand is expected to drop from 9.2 mmt last year to 8.6 mmt this year, larger global production being penciled in at 37.2 mmt vs last year’s 36.4 mmt of which Canada will account for 6.5 mmt of that. EU crop is at 8.3 mmt vs 7.2 mmt last year. Ending stocks, this year are expected globally at 7.5 mmt vs 6.7 mmt last year and Canadian durum will need to be competitive. Early exports of Canadian durum have been strong and pricing wellinto EU and North Africa.

MARKET OUTLOOK – WHEATWheat futures markets still hover near their five-year lows and futures on the front month Minneapolis contract sit at $5.49 per bushel. The last time wheat futures were at this level was December of 2020. Kansas City and Chicago wheat finding a bit more ground recently, although contract lows remain very close in the rearview mirror. Wheat markets continue to be fed new rhetoric towards larger crops and the recent upgrades to Argentinian wheat production levels and anticipation that the Australian crop could grow vs shrink in size has wheat markets resistant to make a move higher. The market will need to make its moves higher on demand related stories. North American demand Is perceived as just fine with both U.S. demand forecasted to be strong and Canadian export pace being rapid. European and Black Sea shipping pace is behind pace, and we will need to see true demandpick up out of the region. There are a few key importers behind pace on imports, and we need to see these importers step up to the plate to keep demand moving forwards. Global wheat bids are relatively stable, some few-dollar moves in FOB values each week but relative stability. We will move out of harvest pressure in northern hemisphere and transition into winter exporting season. Producer bids for spring wheat in the Canadian prairies sit just below $7 and we are still on hold for making big sales as we hover and trod along our five-yearlows. Strong demand for CWRS is anticipated throughout the winter, we will be watching if U.S. trade deals or MOUs with nations such as Bangladesh on wheat pull from Canadian demand. As we head into winter another item to watch will beany drought or issues with either the European, Black Sea or U.S. winter wheat crops. MARKET OUTLOOK – DURUMThe Canadian durum crop has grown through harvest as later estimates point towards a larger crop. Early demand has been promising and the notable 310,000 tonne sale to Algeria will only improve export prospects for the short term. Provincial reports point to the crop being larger than Statistics Canada with Saskatchewan provincial crop report pointing to a 41BPA average for durum vs a 33 BPA average just one year ago. Market prices have stabilized recently domestically following harvest lows. Production is expected widely within the market to surpass Statistics Canada’s 6.5 mmt crop. Crop prices domestically have stabilized and are seeing crop prices in the $7.50 to $7.75+ per bushel range across Saskatchewan andhave picked up around $0.25 per bushel over the past month. Global import demand expected to drop from 9.2 mmt last year to 8.6 mmt this year, larger global production being penciled in at 37.2 mmt vs last year’s 36.4 mmt of which Canada will account for 6.5 mmt of that. EU crop at 8.3 mmt vs 7.2 mmt last year. Ending stocks, this year are expected globally at 7.5 mmt vs 6.7 mmt last year and Canadian durum will need to be competitive. Early exports of Canadian durum have been strong and pricing well into EU and North Africa.

Market Outlook - WheatWheat futures markets still hover near their five-year lows and futures on the front month Minneapolis contract sit at $5.52 per bushel. The last time wheat futures were at this level was December of 2020. Wheat markets continue to be fed new rhetoric towards larger crops and the recent upgrades to Argentinian wheat production levels and anticipation that the Australian crop could grow vs shrink in size has wheat markets resistant to make a move higher. The market will need to make its moves higher on demand related stories. North American demand is perceived as just fine with both U.S. demand forecasted to be strong and Canadian export pace being rapid. European and Black Sea shipping pace is behind pace, and we will need to see true demand pick up out of the region. There are a few key importers behind pace on imports, and we need to see these importers step up to the plate to keep demand moving forwards. Global wheat bids are relatively stable, some few dollar moves in FOB values each week but relatively stable. We will move out of harvest pressure in the northern hemisphere and transition into winter exporting season. Producer bids for spring wheat in the Canadian prairies sit just below $7.00 and we are still on hold for making big sales as we hover and trod along our five-year lows. Strong demand for CWRS is anticipated throughout the winter, we will be watching if U.S. trade deals or MOUs with nations such as Bangladesh on wheat pull from Canadian demand. As we head into winter another item to watch will be any drought or issues with either the European, Black Sea or U.S. winter wheat crops. Russia has some severe drought in the Rostov region, and any weather stories typically are reflected quickly in the market if notable tonnage is at risk.Market Outlook - DurumThe Canadian durum crop has grown through harvest as later estimates point towards a larger crop. Provincial reports point to the crop being larger than Statistics Canada with Saskatchewan provincial crop report pointing to a 41 bpa average for durum vs a 33 bpa average just one year ago. Market prices have stabilized recently, and export pace has kept up to last year's pace so far. Production is expected widely within the market to surpass Statistics Canada’s 6.5 mmt crop. Crop prices domestically have stabilized and are seeing crop prices in the $7.50 to $7.75 per bushel range across Saskatchewan and have picked up around $0.25 per bushel over the past month. Global import demand is expected to drop from 9.2 mmt last year to 8.6 mmt this year, larger global production being penciled in at 37.2 mmt vs last year's 36.4 mmt of which Canada will account for 6.5 mmt of that. The EU crop is at 8.3 mmt vs 7.2 mmt last year. Ending stocks, this year are expected globally at 7.5 mmt vs 6.7 mmt last year and Canadian durum will need to be competitive. Early exports of Canadian durum have been strong and pricing well into EU and North Africa. We are watching this trend closely and keeping an eye on export shipments in a proactive manner to analyse the movements.

Oct. 6

Market Outlook – WheatWheat futures markets remain at levels not seen in around five years. New contract lows were made once again for both European and North American futures. Wheat markets have been digesting the larger crop sentiment for about a month now and there is a good understanding that the Australian and Argentinian crops will be of good quality. We have seen a stabilizing and even a slight increase in some cases in global wheat bids from export locations and there is the rolling idea that although many key regions are behind on exports, we know that import demand is forecasted to come to the market by many key agencies. Algeria’s large-scale purchase of 600,000 tonnes and some other more business being completed at these levels has importers beginning to see the value of the crop available to them. This reinforces that the market is of the notion that although global crop sizes have increased, global demand is still there. We remain hesitant to make major sales at the current time amidst harvest pressure and typical seasonality of markets. Market Outlook – DurumCanadian crop size has been increasing as producers get into harvest with Statistics Canada estimating the crop at 6.5 mmt up from 6.1 mmt in the August estimate. The crop size is larger than last year's total volume. Global import demand is expected to drop from 9.2 mmt last year to 8.6 mmt this year, larger global production being penciled in at 37.2 mmt vs last year's 36.4 mmt of which Canada will account for 6.5 mmt of that. EU crop is at 8.3 mmt vs 7.2 mmt last year. Ending stocks this year are expected globally at 7.5 mmt vs 6.7 mmt last year and Canadian durum will need to be competitive. Early exports of Canadian durum have been strong and pricing well into EU and North Africa. We are watching this trend closely and keeping an eye on export shipments in a proactive manner to analyse the movements.