International Wheat Market

12-Mar-2025 08:11 AM

International Wheat Market
According to reports, Ukraine has agreed to a 30-day ceasefire, and U.S. Secretary of State Rubio has taken this proposal to the Russian side for negotiations.
In the USDA’s monthly WASDE report, U.S. ending stocks were raised by 25 million bushels (MBU) to 819 MBU. This increase was due to a 10 MBU rise in imports and a 15 MBU reduction in exports. The average cash price was also lowered by 5 cents.
On the global front:
Historical data for Turkey was revised, increasing stocks by 2.2 million metric tons (MMT).
Australia’s production was increased by 2.1 MMT to 34.1 MMT.
Ukraine’s stocks rose by 0.4 MMT due to a revision in last year’s production.
Russia’s exports were reduced.
China’s stocks dropped by 1.5 MMT due to lower imports.
Combining all these factors with the increase in U.S. stocks, global ending stocks rose by 2.52 MMT, bringing the new estimate to 260.08 MMT.
Meanwhile, Coceral has projected the European Union’s (including the UK) 2025 wheat production at 137.2 MMT, down from December’s estimate of 140.4 MMT.