The USDA projects U.S. wheat exports will rise significantly in the 2024/2025 year that ends on May 31 due to reduced exports from Russia and the EU. Shipments are expected to reach 850 million bushels.

This is an increase from the 825 million bushels previously forecast and 707 million bushels in 2023/2024. From June to October, exports totaled 366 million bushels, a 35% increase from the prior year.

The USDA’s National Agricultural Statistics Service reports the average farm price is estimated at $5.60 per bushel through May. Despite slight declines in futures prices, attributed to improved winter wheat conditions, global ending stocks are anticipated to hit a nine-year low. This reflects a tighter global supply despite stronger U.S. export performance.

Read more on the USDA wheat export forecast here.