In February 2026, Wheat prices in the United States strengthened as firm export demand and limited old-crop availability maintained a positive market tone. Persistent vessel congestion at Gulf and Pacific Northwest export terminals, together with steady purchasing from Asian buyers, particularly Japan, supported elevated basis levels and firmer FOB quotations. Growers continued to withhold remaining old-crop stocks ahead of the March survey, restricting immediate supply availability and preventing price relief. Logistics constraints, especially reduced barge drafts along the lower Mississippi River, extended transit times, and tightened coastal supply, compelling exporters to sustain higher bids despite easing input costs. Export demand remained the principal driver of price gains, while domestic feed demand softened as lower-priced feed grains encouraged substitution away from Wheat. Milling activity remained mixed, with stable flour output but modestly stronger demand for high-protein Wheat used in specialty products. By mid-March, prices rose further as frost concerns and winterkill risks in both the United States and Europe, together with Black Sea disruptions and higher energy-related input costs, reinforced bullish sentiment. Outlook leans toward upside into spring, contingent on market conditions.
