See the latest Wheat Outlook report.
U.S. Exports Lowered for 2024/25
U.S. wheat exports for the June–May 2024/25 marketing year (MY) are lowered 15 million bushels this month to 820 million. Forecast shipments are reduced for Hard Red Spring and Hard Red Winter on slower-than-expected export sales. U.S. cumulative export sales, as reported in the USDA, Foreign Agricultural Service (FAS), U.S. Export Sales, are well ahead of the same point last year. Total U.S. commitments (the sum of accumulated exports and outstanding sales) are 21.2 million metric tons as of March 27, up 13 percent from the same time last year (using week 43 as the basis for comparison, which compares to March 21, 2024). The forecast U.S. export total for 2024/25 is still a 4-year high and up 16 percent from the 52-year low observed in 2023/24. U.S. wheat production was much larger this year, while key competitors Russia and the European Union had much smaller crops. However, reduced global import demand limited the year-to-year increase in U.S. exports.