The U.S. Department of Agriculture’s monthly wheat outlook shows an expected jump in export forecasts because of weaker exports from Russia and the European Union.
Wheat shipments will total 850 million bushels in the 2024-2025 marketing year that ends on May 31, 2025. That’s up from the prior outlook of 825 million bushels and well ahead of last year’s 707 million bushels. USDA says from June 2024 through October 2024, wheat exports were reported at 366 million bushels, up 35 percent from the same time last year. The outlook report says the average farm price for wheat is $5.60 a bushel and is based on prices reported to the USDA’s National Agricultural Statistics Service and expectations for prices from now through the end of May.
“Futures prices have declined slightly amid improvements in winter wheat conditions, but global ending stocks are still projected at a nine-year low,” the government says.
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