World wheat inventories have fallen from record highs five years ago, US data shows
Harsh weather is reducing wheat production in major global exporters, cutting inventories that have already been projected to hit nine-year lows, while fuelling a sudden surge in prices.
“The wheat market is getting tighter and it is going to get worse,” said Ole Houe, head of advisory services at IKON Commodities in Sydney. In the physical market, Black Sea wheat in Southeast Asia is quoted around $280 a metric ton, including cost and freight, up from $265 about a month ago.jumped last week to their highest in four months, as the market recovered from its weakest since 2020 in July.
US farmer Doug Keesling, 50, said he was praying for rain for his fields in Chase, Kansas, after planting about 1,200 acres of wheat during a third year of drought. Production prospects in neighbouring Oklahoma are lower for 2025 than 2024 after dryness slowed plantings, said Mike Schulte, executive director of the Oklahoma Wheat Commission.The US Department of Agriculture projects world wheat ending stocks at a nine-year low of 257.22 million metric tons in 2024-25 even as the outlook for global production reaches a record 796.88 million.
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