International Wheat Market Update

04-Mar-2025 08:13 AM

International Wheat Market Update
According to the Crop Progress Report, 54% of Kansas' (KS) winter wheat crop was rated good/excellent (gd/ex), with the Brugler500 Index at 344, up from 50% and 339 at the beginning of February. Meanwhile, in Texas (TX), the rating dropped by 3%, and the Brugler500 Index fell by 9 points, bringing it to 34% gd/ex and 295.
The USDA export inspection report stated that 389,593 metric tons (MT) (14.3 million bushels) of wheat were exported in the week ending February 27. This is 0.45% higher than the previous week and 8.73% higher than the same week last year.
The largest destination was Mexico (77,541 MT), followed by the Philippines (72,600 MT) and Thailand (58,584 MT).
Total shipments for the current marketing year (MY) have reached 15.323 MMT (563 mbu), which is 18.13% higher than the same period last year.
ABARES has estimated Australia’s 2024/25 wheat crop at 34.1 MMT, which is 31% higher than last year and above the USDA's 32 MMT estimate.