International Wheat Market

28-Feb-2025 08:03 AM

International Wheat Market  
This morning, President Trump clarified his statement regarding the start date for Mexico/Canada tariffs in April, saying he had misspoken. The tariff implementation is still scheduled for next Tuesday, with additional reciprocal tariffs set to take effect in April.  
Export sales data for the week ending February 20 show that only 269,008 metric tons (MT) of wheat were sold for the 2024/25 season, the lowest level in the past five weeks. Taiwan was the largest buyer (103,400 MT), while Mexico purchased 95,500 MT. There was a net reduction of 102,300 MT in "unknown destinations," likely redirected to a specific buyer. New crop bookings were only 5,000 MT, at the lower end of expectations.  
According to the USDA Outlook Forum's morning report, total wheat acreage in the U.S. for 2025 is projected at 47 million acres, up 0.9 million acres from the previous year. The estimated yield is 50.1, based on a "long-term linear trend." Current wheat stocks are estimated at 826 million bushels (mbu).  
Russia's wheat production for 2025 is expected to be around 81-82 million metric tons (MMT), according to IKAR.