Wheat futures closed sharply lower on Tuesday across all three major U.S. markets, with Chicago SRW futures falling 6 to 7 cents and March contracts slipping 11 cents. KC HRW futures dropped 3 to 4 cents while MPLS spring wheat declined 3 to 4 cents by day's end. The weakness came despite a stronger Russian crop estimate of 85.9 MMT from SovEcon, up 2.1 MMT from previous forecasts.

Export data provided little support, with weekly inspections showing 375,402 MT shipped, down 35% from the prior week but still 49.6% above year-ago levels. Japan remained the largest buyer at 170,930 MT, followed by Mexico and the Dominican Republic. Year-to-date shipments totaled 17.704 MMT, remaining 18.91% below the same period last year. Meanwhile, EU soft wheat exports reached 15.11 MMT from July 1 to February 15, now 1.46 MMT above last year's pace.

The broader grain complex faces pressure as global supply outlooks improve, with coffee futures also plunging on expectations of a strong Brazil crop. March CBOT wheat settled at $5.3775, down 11 cents, while May contracts fell 6 cents to $5.425. With export demand lagging and competing supplies growing, traders remain cautious about near-term price recovery prospects.