USDA – Wheat Outlook, Feb 2026

This report provides an outlook for wheat production, trade, and use for the 2025/26 marketing year.

Global wheat production is forecast at a record high in 2025/26, with Argentina expected to reach an all-time high crop of 27.8 million metric tons. The report highlights Argentina's strong competition with the U.S. in wheat exports, affecting shipments during peak months. It also notes changes in U.S. wheat production, exports, imports, and food use for the period.