See the latest Wheat Outlook report.
Hard Red Winter Exports Rebounding in 2025/26
U.S. wheat exports for 2025/26 are forecast up 25 million bushels this month to 850 million, the highest since 2020/21, based on a strong pace of export sales and larger supplies. This month, USDA released its first by-class wheat balance sheets for 2025/26, including by-class export forecasts. U.S. Hard Red Winter (HRW) exports are forecast to rebound 26 percent to 275 million bushels, making it the largest class of U.S. wheat exports in 2025/26. HRW was historically the largest class of U.S. wheat exports but was surpassed by other classes in recent years amid relatively tighter supplies and strong export competition. Total HRW supplies are forecast up with large beginning stocks, which more than offset a slightly smaller crop. Hard Red Spring (HRS) exports are lower with smaller supplies, while exports of Soft Red Winter (SRW) and Durum are forecast up slightly. White wheat production is forecast up, but exports are still forecast down after unusually strong shipments in 2024/25.