Global wheat prices are expected to face downward pressure in 2025 due to record production, despite tightening supplies providing short-term support. CBOT wheat price forecasts have been revised downward to an annual average of $5.80 per bushel, citing ample US stocks and bearish market sentiment.
Global wheat production is expected to reach a record 793.2 million tonnes, with declining Russian and European output potentially tightening supplies further. The USDA projects global carryover stocks to hit a nine-year low at 258.8 million tonnes.
Other key factors influencing the market include tightening Russian and European wheat supplies, with Russia’s harvest expected to decline by over 10% and European output estimated to fall by 9% due to adverse weather.
