International Wheat Market

01-Jul-2025 08:31 AM

International Wheat Market
By June 29, 37% of the U.S. winter wheat crop had been harvested, 5% behind the average pace. Crop condition dropped 1 point to 48% good/excellent, with the Brugler500 index down 1 to 329. Spring wheat was 38% headed, 1% behind average. Its condition fell 1 point to 53% good/excellent, but the Brugler500 index rose 4 points to 345, as poor/very poor ratings declined by 1%.
The June 1 wheat stocks were reported at 850.5 million bushels—higher than trade expectations and nearly 10 million above USDA’s June WASDE ending stocks estimate for 2024/25. That was also 154 million bushels more than a year ago. Total wheat acreage was pegged at 45.478 million acres, 40,000 above trade estimates and 128,000 above March figures. Winter wheat acres rose by 10,000 to 33.325 million, spring wheat by 25,000 to 10.045 million, and durum wheat saw a 93,000-acre increase to 2.108 million.
Wheat export inspections for the week ending June 26 were 434,538 MT (15.97 million bushels), up 70.49% from the prior week and 29.46% above the same week last year. Indonesia received 75,360 MT, and Mexico 66,062 MT. Marketing year exports are now at 1.279 MMT (47.02 million bushels), down 7.89% from the same period last year.
Argus reduced its Ukraine wheat production estimate by 1.82 MMT from March to 21.88 MMT.