See the latest Wheat Outlook report.
Large Exporter Supplies Boost Trade in 2025/26
Global wheat trade is forecast to rebound in 2025/26, buoyed by large exporter supplies. Nearly all major wheat exporters are forecast to have larger exports this year. The largest year-to-year increase in exports (July–June trade year) is for Argentina, which is forecast up 8.6 MMT with a record-large crop, followed by Australia (+5.7 MMT), and the European Union (EU) (+2.6 MMT). The only major exporter forecast to have fewer exports this year is Ukraine (-2.3 MMT). Supplies are abundant in most major exporting countries, which has contributed to relatively low international wheat prices this year. In this context, most major importers outside the EU have increased their purchases. Wheat imports this year are up substantially for Turkey. Wheat feed and residual is forecast at a record as wheat has become more competitive for feed use in some countries. Global trade is forecast at the second-highest level ever, behind 2023/24, which was characterized by unusually strong imports for China, the European Union, and Turkey.