See the latest Wheat Outlook report.
U.S. Wheat Stocks Projected at 6-Year High
U.S. wheat ending stocks in 2025/26 are projected at 923 million bushels, up 10 percent from 2024/25, which would be the highest level since 2019/20. Total supplies are up 2 percent from the previous year, with larger beginning stocks more than offsetting lower production and imports. USDA, National Agricultural Statistics Service forecast larger production for all Winter classes, but total production is forecast down year over year because of smaller planted area for Durum and Other Spring wheat. U.S. wheat exports are forecast down 20 million bushels to 800 million, with exports constrained by larger projected exports for key competitors, including the European Union, Argentina, and Russia. With U.S. wheat ending stocks forecast to build for the third consecutive season and larger corn supplies expected, the season-average farm price for wheat is forecast at $5.30 per bushel, down $0.20 year to year and well below the peak reached in 2022/23.