02/19/2026 Click Above to Watch the Morning Market Talk Video Wheat Shorts Exiting Amid Heightened Risks On the Grains Winter wheat markets built on Wednesday’s gains overnight, leading to a broad firmer tone in the grain and soy complex. Much of the support is coming from heightened geopolitical risks with Iran, as the U.S. is assembling the greatest amount of air power in the Middle East since the 2003 invasion of Iraq. Energy markets also firmed on the Middle East tensions, while gold has pulled back from earlier gains and silver is modestly higher this morning. Traders are also covering wheat short positions amid high winds and dry soils in the Central and Southern Plains. USDA’s initial look at 2026-27. The following projections are based on prior WASDE Reports and assume normal weather conditions for spring planting and summer crop development. The 2026-27 forecasts will be updated in the May 12 WASDE Report to incorporate farmers’ 2026 planting intentions as indicated in the March 31 Prospective Plantings Report and survey-based forecasts for winter wheat production, as well as global supply and demand projections. Reminder: These are initial projections based on prior data and normal weather assumptions. A LOT can and will change…
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