USDA’s FGIS reported wheat export shipments of 580,130 metric tons (21.32 million bushels) for the week ended February 5. This was 75.52% higher than the previous week and 1.72% above the same week last year. The Philippines was the top destination with 179,957 metric tons, followed by Bangladesh at 119,479 metric tons and Mexico at 103,146 metric tons. Marketing year 2025/26 wheat exports since June 1 have totaled 17.327 million metric tons (636.6 million bushels), now 18.36% higher than the same period last year.

USDA will release updated WASDE data on Tuesday. A Bloomberg survey shows the average estimate for US wheat stocks at 918 million bushels, which would be 8 million bushels lower than January if realized. World wheat stocks are estimated at 278.6 million metric tons, which would be 0.3 million metric tons higher than in January.