# Global Wheat Outlook & WASDE Balance Sheet

> USDA's first 2026/27 world wheat outlook in the May WASDE shows global production at 819.1 million tonnes, down 2.9%. Declines are concentrated in the US, EU, Argentina and Australia, with US hard red winter at 14.0 million tonnes, the smallest since 1957. Ending stocks and trade are also lower.

- Date: 2026-05-20 · published 2026-05-20T12:00:00.000Z
- Category: report · region Global · magnitude high
- Page: https://feedsoft.ai/events/19239-global-wheat-outlook-and-wasde-balance-sheet
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

A tighter global wheat balance, led by the US Plains drought, supports prices across wheat classes. Reduced exporter supplies could lift export prices into the new marketing year.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-11-21 | [IGC Cuts Global Wheat Crop Outlook Amid EU Harvest Woes \| Global Banking & Finance Review](https://feedsoft.ai/events/27358-igc-cuts-global-wheat-crop-outlook-amid-eu-harvest-woes-global-banking-and.md) | -0.2% | +0.0% |
| WHEAT | 2023-05-15 | [Wasde: Tighter supply outlooks as global wheat output returns to norms - Fastmarkets](https://feedsoft.ai/events/35891-wasde-tighter-supply-outlooks-as-global-wheat-output-returns-to-norms.md) | -1.6% | -7.1% |
| WHEAT | 2021-08-19 | [Global Wheat Stocks-to-Use Ratio Supports Bullish Prices Outlook](https://feedsoft.ai/events/45611-global-wheat-stocks-to-use-ratio-supports-bullish-prices-outlook.md) | +0.4% | +4.9% |
| WHEAT | 2026-05-30 | [UK grain balance: updated outlook on wheat, barley and oats stocks \| NewsHub.co.uk](https://feedsoft.ai/events/19317-uk-grain-balance-updated-outlook-on-wheat-barley-and-oats-stocks-newshub-co-uk.md) | -2.6% | -0.5% |
| WHEAT | 2026-05-20 | [USDA releases first cut of the 2026/27 global wheat balance sheet… - Grain Brokers Australia](https://feedsoft.ai/events/19238-usda-releases-first-cut-of-the-2026-27-global-wheat-balance-sheet-grain-brokers.md) | -1.5% | -1.6% |
| KWHEAT | 2023-05-15 | [Wasde: Tighter supply outlooks as global wheat output returns to norms - Fastmarkets](https://feedsoft.ai/events/35891-wasde-tighter-supply-outlooks-as-global-wheat-output-returns-to-norms.md) | -7.6% | -10.7% |
| KWHEAT | 2023-04-12 | [USDA Reports Confirm the Tight U.S. Wheat Balance Sheet](https://feedsoft.ai/events/36446-usda-reports-confirm-the-tight-u-s-wheat-balance-sheet.md) | +1.5% | +4.4% |
| KWHEAT | 2026-05-20 | [USDA releases first cut of the 2026/27 global wheat balance sheet… - Grain Brokers Australia](https://feedsoft.ai/events/19238-usda-releases-first-cut-of-the-2026-27-global-wheat-balance-sheet-grain-brokers.md) | -4.8% | -7.3% |

## Sources

- grainbrokers.com.au: https://www.grainbrokers.com.au/usda-releases-first-cut-of-the-2026-27-global-wheat-balance-sheet/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.