World Perspectives
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Black Sea Regional Analysis

Russian Grain Markets: 2–6 February 2026 The primary development during the first week of February was the allocation of grain export quotas for the balance of the 2025/26 marketing season. A total of 213 companies received export rights, compared with 219 companies in 2025. The majority are Russian firms closely aligned with state policy. The overall quota volume totals 20 MMT, with the allocation period beginning 15 February. The quota applies to wheat, barley and corn, while rye exports are no longer permitted. Grain Gates secured the largest share at nearly 3.5 MMT, followed by Aston with 2.05 MMT and OZK Trading, part of OZK Group, with 1.12 MMT. In accordance with Government Order No. 56 dated 5 February 2026, allocations were d...

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wheat

WASDE Wheat - Feb 2026

USDA’s outlook for 2025/26 U.S. wheat is unchanged for exports and slightly higher ending stocks to 931 million bushels - 9 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price remains at $4.90 per bushel.  The global outlook fo...

feed-grains soy-oilseeds wheat

Market Commentary: WASDE Confirms Big Supply, Big Demand; Soybeans Gain on Brazil Quality

The headline numbers from the February WASDE – the South American production estimates – were mostly in line with expectations, which is to say the massive Brazilian soybean crop was found to be even more so. USDA increased its assessment of the Brazilian crop to a new record, which...

soy-oilseeds

WASDE Soybeans - Feb 2026

USDA’s outlook for 2025/26 U.S. soybean supply and use projections are unchanged. As a result, the season-average soybean price is projected unchanged at $10.20 per bushel. Soybean meal and oil prices are unchanged at $295 per short ton and 53 cents per pound. Global 2025/26 soybean endin...

wheat

WASDE Wheat - Feb 2026

USDA’s outlook for 2025/26 U.S. wheat is unchanged for exports and slightly higher ending stocks to 931 million bushels - 9 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price remains at $4.90 per bushel.  The global outlook fo...

feed-grains soy-oilseeds wheat

Market Commentary: WASDE Confirms Big Supply, Big Demand; Soybeans Gain on Brazil Quality

The headline numbers from the February WASDE – the South American production estimates – were mostly in line with expectations, which is to say the massive Brazilian soybean crop was found to be even more so. USDA increased its assessment of the Brazilian crop to a new record, which...

soy-oilseeds

WASDE Soybeans - Feb 2026

USDA’s outlook for 2025/26 U.S. soybean supply and use projections are unchanged. As a result, the season-average soybean price is projected unchanged at $10.20 per bushel. Soybean meal and oil prices are unchanged at $295 per short ton and 53 cents per pound. Global 2025/26 soybean endin...

feed-grains

WASDE Corn - Feb 2026

USDA’s outlook for 2025/26 U.S. corn is for greater exports and lower ending stocks. Exports are increased 100 million bushels to 3.3 billion, reflecting sales and shipments to date. With no supply changes and use increasing, corn ending stocks are down 100 million bushels to 2.1 billion...

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From WPI Consulting

Illuminating the value of technical research

On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.

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