Wheat futures fluctuated between $5.30 and $5.50 per bushel in January as traders monitored supply and demand dynamics. While demand remained relatively weak, supply concerns persisted, including potential damage to U.S. winter wheat due to severe cold and ongoing challenges in Russia. Meanwhile, Australia’s wheat production for the 2024-25 marketing year is expected to reach 32 million tonnes, 21% above the 10-year average, despite dry conditions in the southern regions, according to the USDA’s Foreign Agricultural Service. Additionally, the International Grains Council forecasted record global wheat production of 805 million tonnes for 2025/26, a 1% increase from the previous year, with 2024/25 production estimated at 796 million tonnes and consumption expected to match production at 805 million tonnes.

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