Wheat futures renewed their decline as the USDA in its monthly Wasde crop report lifted its forecast for world stocks of the grain at the close of 2024/25 by 5.0Mt.

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Wheat prices dipped on Tuesday, despite the USDA in its monthly Wasde crop report cutting further its forecast for world carryout stocks in 2024/25.

The USDA’s May Wasde report is viewed as particularly important by the market, in issuing first full world crop supply and demand forecasts for the next season, in this case 2024/25.

The latest April USDA WASDE was broadly supportive for wheat and corn, with a marginal easing of global soybean supply and demand. However, while the soybean picture is for marginally eased global supplies, this is against a backdrop of minimal US stocks.

Overview of the March US Prospective Plantings report from the USDA

In the EU, barley prices have found, some, support after a poor 2023 harvest, which at 47.3Mt was the smallest in 12 years.

In the EU, barley prices have found, some, support after a poor 2023 harvest, which at 47.3Mt was the smallest in 12 years.

Initial thoughts and highlights from the February USDA Wasde report

Red Sea shipping disruptions are affecting grain markets more than is often perceived…

“Winter crop condition continues to suffer from the wetness which has been plaguing the UK since the autumn,” CRM Agri said…

This afternoon saw a slew of data from the USDA in their key January WASDE report.

US winter wheat sowings for the 2024/25 harvest shrank by more than traders had expected, the USDA said…

What drove prices in 2023 and what is on the horizon for 2024?

It isn’t just basic supply and demand factors, such as crop size and mill consumption, which determine grain prices.

September WASDE tightens exporter wheat stocks once again