★ The latest USDA WASDE report shows no major changes in the U.S. wheat balance sheet this month. U.S. ending stocks remain unchanged at 901 million bushels. Minor class-wise adjustments were made, with HRS wheat stocks up by 5 million bushels and white wheat stocks reduced by 5 million bushels.

★ On the global front, wheat production estimates were raised. World ending stocks are projected at 27.487 MMT, equivalent to 274.87 lakh tons, up about 34.4 lakh tons from the previous estimate. Global production forecasts saw a cumulative increase of 89.2 lakh tons, driven by Canada (+30 lakh tons), Australia (+10 lakh tons), Argentina (+20 lakh tons), the European Union (+17 lakh tons) and Russia (+10 lakh tons).

★ According to the European Commission, EU soft wheat exports from July 1 to December 7 totaled 10.16 MMT (101.6 lakh tons), nearly 3 lakh tons lower than the same period last year. Meanwhile, Coceral projects EU plus UK wheat production for 2026 at 14.39 MMT (143.9 lakh tons), around 36 lakh tons below last year if realised.

★ Argentina’s government has reduced wheat export taxes by 2 percentage points to 7.5 percent. This move may enhance export competitiveness and could increase participation in global trade flows.