The USDA released its World Agricultural Supply and Demand Estimates (WASDE) for November after missing the October report due to the federal government shutdown. Highlights from the summary report can be found below. Click here to read the full report.
WHEAT: The outlook for 2025/26 U.S. wheat this month is for larger supplies and higher ending stocks, with no change to use. Supplies are raised on greater production, up 58 million bushels to 1,985 million, on a record all wheat yield based on the September 30 Small Grains Summary. The season-average farm price is lowered $0.10 per bushel to $5.00 as larger global supplies reduce price expectations for the remainder of the marketing year.
The global wheat outlook for 2025/26 is for larger supplies, consumption, trade, and ending stocks. Supplies are projected to increase 11.7 million tons to 1,090.3 million on higher production for most of the major wheat exporters including Kazakhstan, Argentina, the EU, the United States, Australia, Russia, and Canada. Global consumption is increased 4.3 million tons to 818.9 million, primarily on higher feed and residual use for Russia, Kazakhstan, and the EU. World trade is 2.5 million tons larger at 217.2 million, primarily on greater exports for Argentina, Australia, and Kazakhstan that are only partly offset by a reduction for Russia. Projected 2025/26 global ending stocks are raised 7.4 million tons to 271.4 million, resulting in what would be the first year-to-year increase in global wheat stocks since 2019/20.
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