See the latest Wheat Outlook report.
U.S. Wheat Ending Stocks Forecast at 6-Year High
U.S. wheat ending stocks are forecast up 8 percent year to year in 2025/26 to the highest level since 2019/20. This would be the third consecutive year of growth in U.S. ending stocks, coinciding with a declining season-average farm price. U.S. 2025/26 ending stocks are raised 25 million bushels from the previous month to 926 million based on smaller domestic consumption and slightly higher beginning stocks. At the same time, global wheat production, which was already forecast at a record, is raised even higher this month. Bumper production from several key competitors is contributing to lower U.S. prices. The U.S. season-average farm price, now forecast at $4.90 per bushel, would be the lowest since 2019/20.