Wheat futures traded between $5.30 and $5.50 per bushel in January as traders analyzed the USDA's latest supply and demand projections. The U.S. wheat outlook for 2024/25 indicated slightly higher supplies and ending stocks, driven by stronger imports. Globally, the outlook also showed increased supplies, reduced consumption, lower trade, and higher ending stocks. Russia’s wheat exports are forecast at 46.0 million tons, significantly below last year’s record of 55.5 million tons. Meanwhile, the International Grains Council estimated global wheat production for 2024/25 at 796 million tons and consumption at 805 million tons, with production expected to reach a record 805 million tons in 2025/26, a 1% year-on-year increase. Despite record global output, wheat prices may remain pressured in 2025, as declining production in Russia and Europe could tighten supplies.

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