Soybeans have given back much of the initial jump, wheat maintains.
From the U.S. Department of Agriculture, July 10:
World Agricultural Supply and Demand Estimates
WHEAT: The outlook for 2026/27 U.S. wheat this month is for lower supplies, unchanged domestic use and exports, and smaller ending stocks. Supplies are reduced 22 million bushels on lower beginning stocks and production. Production is forecast at 1,536 million bushels, down 7 million from last month. This is the lowest U.S. wheat production since 1970/71. The all wheat yield is 47.9 bushels per acre, up 0.9 bushels from last month. Winter wheat production is lowered 39 million bushels to 990 million, almost entirely due to reductions in Hard Red Winter and Soft Red Winter.
The initial 2026/27 survey-based production forecasts from NASS indicate other spring wheat is less than last year at 475 million bushels on lower harvested area while Durum is also lower at 71 million on reduced harvested area and yields. Projected 2026/27 ending stocks are reduced 22 million bushels to 722 million and are down 22 percent from last year. The projected 2026/27 season- average farm price (SAFP) is unchanged at $6.00 per bushel, compared to last year’s final SAFP of $5.06.
This month’s 2026/27 global wheat outlook is for reduced supplies, higher consumption and trade, and reduced ending stocks. Supplies are projected down 1.0 million tons to 1,099.1 million primarily on reduced beginning stocks for several countries with global output only slightly lower. Production is raised for Russia and Ukraine on continued favorable conditions for their winter wheat crops. Canada’s production is lowered based on Statistics Canada’s Principal Field Crops Area report. Global consumption is raised 1.6 million tons to 826.2 million, mainly on higher food, seed, and industrial use for India, Yemen, Saudi Arabia, and Somalia. World trade is 1.1 million tons higher at 213.1 million on increased exports for Argentina, Russia, and Ukraine more than offsetting reduced exports for Canada. Projected 2026/27 global ending stocks are lowered 2.6 million tons to 272.8 million, primarily on reductions for the United States, India, Argentina, and Canada....
....MUCH MORE
And more to come.
From TradingView, Wheat 24 hours.
