Wheat – International Market
10-Dec-2025 08:29 AM
Wheat – International Market
USDA’s monthly WASDE report released this morning made very few adjustments to the U.S. balance sheet. Ending stocks were kept unchanged at 901 million bushels, as the World Ag Outlook Board left supply and demand untouched. Among classes, HRS stocks were raised by 5 million bushels, while white wheat stocks were reduced by 5 million bushels.
Globally, world ending stocks increased by 3.44 MMT to 274.87 MMT. This came mainly from an 8.92 MMT rise in global production, with increases for Canada (+3), Australia (+1), Argentina (+2), the EU (+1.7), and Russia (+1).
Delayed CFTC data showed managed money trimming 4,520 contracts from their net short in CBT wheat as of November 4, bringing it to 70,613 contracts. In KC wheat, speculators reduced their net short by 9,254 contracts to 42,454 contracts.
European Commission data shows EU soft wheat exports from July 1 to December 7 at 10.16 MMT, which is 0.3 MMT below the same period last year. Coceral estimates the EU + UK 2026 wheat crop at 143.9 MMT, a 3.6 MMT year-over-year decline if realized. Argentina’s economy minister announced early this morning that wheat export taxes will be cut by 2 percentage points to 7.5%.