“Russia and Ukraine continue to target each other’s grain storage, port infrastructure and vessels. The disruption of agricultural goods from the Black Sea region continues. IKAR lowered their 2026 Russian wheat production forecast by 1.1 mmt to 90 mmt, still above the USDA est. of 88.5 mmt.,” Soderberg said. “IKAR also lowered their wheat export forecast to 44.5 mmt, down 3.7% from 2025-26 MY. The combined MM position in the 3 classes of wheat has swung around to net long for the first time in two months, however still short 19k in CGO. I look for another 3-4% drop in spring wheat crop ratings, down from 53% G/E last week. Export inspections at 14.5 mil. bu. were at the high end of expectations and just above the 13 mil. needed to reach the USDA forecast.”