Market Outlook

See the latest Wheat Outlook report.

U.S. Wheat Stocks Projected at 4-Year High

U.S. wheat ending stocks in 2024/25 are projected at 766 million bushels, up 11 percent from 2023/24, which would be the highest level since 2020/21. Total supplies are up 6 percent from the previous year with larger beginning stocks and production more than offsetting lower imports. USDA, National Agricultural Statistics Service forecast larger Hard Red Winter and White Winter production, more than offsetting smaller Soft Red Winter. U.S. wheat exports are forecast up 55 million bushels to 775 million, the largest in 3 years as larger supplies are likely to make U.S. wheat prices more competitive with other major exporters. With U.S. wheat ending stocks forecast to build for the second consecutive season and larger corn supplies expected, the season-average farm price for wheat is forecast at $6.00 per bushel, down $1.10 from the previous season and well below the record of $8.83 in 2022/23.