Wheat Futures Hover Around 2-Month Lows

2025-12-18 10:41 By Luisa Carvalho 1 min. read

Wheat futures traded below $5.10 per bushel, hovering near the lowest level since October 22, pressured by ample supply prospects and rising hopes for a ceasefire in Ukraine.

In its December WASDE report, the US Department of Agriculture projected global wheat supplies to increase by 7.5 million tons to 1,097.8 million, driven by higher production estimates for several major exporters, particularly Argentina and Australia.

Notably, Argentina’s 2025/26 crop is forecast at a record 25.5 million tons, while Australia expects its third-largest harvest on record in the current season.

EU production rebounded from last season’s poor harvest, while higher yields boosted output in Russia.

Downward pressure was reinforced by policy actions, as Russia eliminated the wheat export tax and Argentina reduced export duties on key crops.

On the demand side, the USDA increased its global 2025/26 consumption projection by 4.1 million tons to 823.0 million.



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