2024 Wheat Market Report

Global wheat production for the 2024/25 marketing year reached approximately 800 million metric tons, marking a modest increase from the prior season and providing ample supplies amid generally favorable growing conditions in key regions. In the United States, output climbed to 1.97 billion bushels—the highest level in eight years—driven by expanded harvested area (38.5 million acres) and strong yields for hard red winter, hard red spring, white, and durum classes, despite a dip in soft red winter production. Russia maintained robust output around 84–85 million metric tons despite localized weather challenges, while Australia and Argentina delivered solid harvests that further bolstered the global supply picture. Beginning stocks were higher in several major countries, pushing total world supplies above 1,057 million tons and setting the stage for a well-supplied market throughout the year…………