Wheat Prices Eased as Global Supply Outlook Improves
A rally in wheat prices has lost momentum due to an improved global supply outlook and better access to Black Sea grain, according to recent reports.
The USDA World Agricultural Supply and Demand Estimates report published on September 11 raised global supply projections by 3.5m tonnes to 1.103bn tonnes, mainly due to higher production by major exporting countries.
Australia's wheat crop increased by 3m tonnes to 31m tonnes, while Canada's rose by 1m tonnes to 36m tonnes, and Ukraine's crop was raised by 0.6m tonnes to 26m tonnes following a record yield as harvest nears completion.
The increases more than offset a 1m tonne reduction in Kazakhstan's crop, to 15m tonnes, while global ending stocks for 2026-27 were raised by 3m tonnes to 276.3m tonnes.