Winter wheat values are challenging annual and 60-day highs.

January 30, 2026

Grain futures are mixed this morning with wheat showing gains as corn and soybeans drift slightly from this past week’s lift. Wheat futures are following French milling wheat higher which is making new 2-month high. This is pulling US winter wheat values in a similar scenario, at annual highs and 60-day highs as well.

Strength in wheat is coming from large swaths of Russian winter wheat that has no snow cover and is anticipating 4 nights of much below normal temperatures, with some temperatures averaging near zero. Winter wheat was designed for the winter, but dryness and bitter cold temperatures has concerns that production will be harmed. (Index funds are likely deciding to not hold wheat shorts anymore, as they have not been profitable since last fall).