MARKET OUTLOOK – WHEAT

Western 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 – DURUM

Price 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/