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“Wheat just can’t seem to find any solid footing and closed lower again today. This is despite the deeply oversold nature of all three US futures classes. The rest of the grain complex was under pressure, and the US Dollar was higher too, both of which were unsupportive for wheat,” Heinberg said. “IKAR has dropped their estimate of Russian 2026 wheat exports to 29 mmt. If realized, this would be 17 mmt under last year’s final total. Additionally, this is 11 mmt below the USDA’s current projection.”
