Wheat Pressured by Rising Stocks and Global Supply Glut

2026-01-12 19:17 By Mojdeh Kazemi 1 min. read

Wheat futures slid toward $5.10 per bushel, hovering near early January lows, after fresh US government crop and inventory estimates signaled looser supply conditions and weighed on grain markets.

The USDA projected larger US wheat supplies for the 2025/26 season, lower domestic use, unchanged exports, and higher ending stocks, which were raised to 926 million bushels, up 8% from a year earlier.

Beginning stocks were revised higher, while feed, residual, and seed use were cut, reinforcing expectations of ample availability.

The report also showed record-large US corn stocks, adding to bearish sentiment across grain markets and further pressuring wheat prices.

Globally, the outlook also became more supply-heavy, with higher production forecasts for Argentina and Russia lifting world wheat stocks.

Argentina’s harvest is nearing completion, with output seen at a record 27.5 million tons, intensifying competition in key export markets.



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