This episode offers a concise review of the global wheat market as of June 1, 2025, covering price movements, production conditions, and trade dynamics across major regions.
- United States: Chicago wheat futures rose following the USDA’s report showing only 45% of spring wheat and 50% of winter wheat in good to excellent condition—below analyst expectations. However, gains were partially offset by improved weather forecasts in key growing areas, suggesting better future yields. Corn futures rose, while soybean prices edged lower.
- Russia: Wheat export prices continued to decline, influenced by drought in the south and adverse weather trends. Prices dropped from $2.48 to $2.40 per ton. While some regions such as Central Russia and the Volga are seeing more favorable conditions, potential ruble depreciation may exert further pressure on export and domestic prices.
- Brazil: The wheat market remains under strain due to weak domestic sales and falling prices. A 45% decline in import volumes over the previous month underscores market caution. Although expectations for the 2025 harvest remain high, the market is vulnerable to international pricing shifts and internal supply uncertainties.
- Ukraine: Wheat prices are trending downward due to limited trader activity and weak export demand, despite the upcoming harvest. Price volatility across wheat classes reflects market recalibrations. High processing demand is not yet translating into matching supplier price expectations.
- China: Forecasted rainfall may improve drought-hit regions such as Hainan and Shanxi, potentially supporting yields and stabilizing domestic supply. However, past heat stress may still reduce total output, prompting a possible rise in imports, with implications for global wheat trade.
