Wheat futures surged to around $5.55 per bushel, reaching their highest level in over five weeks, supported by a significant wheat purchase from Jordan's state grain buyer in an international tender. Meanwhile, Russia's wheat exports slowed more than anticipated, with data from Sovecon showing a drop from 1.4 million tons in early January 2024 to 0.9 million tons this year. The agency projects Russian wheat exports for January to range between 1.8 and 2.2 million tons, significantly lower than last year's 3.6 million tons. On the other hand, Consultancy Strategie Grains raised its EU milling wheat production forecast for the 2025/26 season to 127.2 million tonnes, an increase of 600,000 tonnes from its earlier estimate and 13 million tonnes higher than last year's harvest, driven by stronger-than-expected plantings in Germany.

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