International Wheat Market

13-May-2025 08:29 AM

International Wheat Market
According to weekly crop progress updates, 66% of spring wheat had been planted by Sunday, ahead of the average pace of 59%. 27% of the crop had emerged, 8 percentage points above average. For winter wheat, 53% of the crop had headed, faster than the average of 45%. The crop's quality was rated as 54% good/excellent, 3% higher than the previous week. The Brugler500 index rose by 4 points to 338.
The crop production report showed winter wheat production at 1.382 billion bushels, with hard red winter (HRW) at 784 million bushels, soft red winter (SRW) at 345 million bushels, and white winter at 253 million bushels. The WASDE report showed total wheat production at 1.921 billion bushels, above trade expectations.
The USDA's old crop balance sheet showed U.S. carryout at 841 million bushels, 5 million bushels lower than the previous month. New crop carryout was 923 million bushels, reflecting larger production estimates. Global stocks were raised by 4.51 MMT to 265.21 MMT, while new crop stocks were projected at 265.73 MMT.
According to export inspections, 405,170 MT (14.88 million bushels) of wheat was shipped in the week ending May 8. This was only 1.61% lower than the previous week but 5.77% higher than the same week in 2024. The Philippines was the largest destination with 127,569 MT, followed by Mexico (83,779 MT). Total shipments for the marketing year to date stood at 20.28 MMT (649.1 million bushels), a 14.79% increase compared to last year.