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Stocks for All U.S. Wheat Classes Forecast Down
USDA released its first by-class balance sheets for the 2026/27 marketing year with the July publication of the World Agricultural Supply and Demand Estimates (WASDE). With overall U.S. wheat production forecast down 23 percent year over year, all classes of wheat are showing declines. Hard Red Winter (HRW) wheat, usually the largest class of U.S. production, is forecast to have its smallest crop since 1957/58. Even with HRW exports forecast down 35 percent year over year and food use for HRW forecast at the lowest level since 2014/15, ending stocks of that class are still expected down 30 percent from 2025/26. Hard Red Spring is expected to take a larger share of food use and exports, leaving ending stocks of that class down 13 percent. Soft Red Winter (SRW), White, and Durum ending stocks are also forecast down from the previous year. Total U.S. wheat ending stocks are forecast down 21 percent to a 3-year low of 722 million bushels.