The U.S. wheat outlook for 2024/25 predicts increased supplies, lower exports, and higher ending stocks. Imports increased by 10 million bushels to 140 million, while exports decreased by 15 million bushels to 835 million, resulting in an 18% rise in ending stocks to 819 million bushels.
The season-average farm price is lowered by $0.05 to $5.50 per bushel. Global wheat supplies are projected to increase by 5.4 million tons, with higher production in Australia, Argentina, and Ukraine.
Consumption rises slightly, but global trade is down, mainly due to reduced exports from the EU, Russia, and the U.S. China’s wheat imports are also projected to drop significantly compared to 2023/24 levels.
The global wheat supply is expanding, from 5.4 million tons to 1,066.7 million tons, driven by higher beginning stocks in Turkey and strong production in Australia, Argentina, and Ukraine.
