Wheat futures have climbed to approximately $5.50 per bushel, the highest level since mid-December, fueled by concerns over Russian supplies. Russia’s state weather agency warned that unseasonably warm temperatures and excessive moisture in the Central and Volga regions could harm winter crops, causing sprouts to grow excessively during the winter months. Meanwhile, Russian agricultural consultancy IKAR projected that wheat exports for the 2025/26 season will reach 41 million tons, down from 43.5 million tons this season, with total grain exports estimated at 52 million tons. Adding to market pressure, Algeria's state grains agency recently made a significant wheat purchase in an international tender. Despite this, wheat prices have dropped nearly 13% this year, marking a second straight year of declines, as ample supplies from the US and Australia continue to weigh on the market.