Wheat futures have been trading between $5.30 and $5.50 per bushel in January, as traders continued to assess the USDA's outlook for supply and demand. The 2024/25 U.S. wheat outlook this month indicated slightly larger supplies and marginally higher ending stocks, mainly due to stronger imports Globally, the wheat outlook for 2024/25 also indicated larger supplies, reduced consumption, lower trade, and higher ending stocks. Russia’s wheat exports were forecast at 46.0 million tons, down from November and well below last year's record of 55.5 million tons. Meanwhile, the International Grains Council projected recently global production to reach a record 805 million tons in 2025/26, up 1% year-on-year, with 2024/25 production estimated at 796 million tons and consumption at 805 million tons.. Despite record global production, wheat prices are expected to stay under pressure in 2025, with declining output from Russia and Europe possibly tightening supplies further.
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