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The November 2025 USDA WASDE raised global wheat supplies, with combined beginning stocks and production rising 11.7 million tonnes to 1090.3 million tonnes. Australian production was raised to 36 million tonnes and exports to 26 million tonnes, and output estimates rose for Argentina, Canada, the EU, Kazakhstan, Russia and the US.
Global consumption and trade also rose, and ending stocks were raised 7.4 million tonnes to 271.4 million tonnes.
Larger global wheat supplies and higher ending stocks add bearish pressure on wheat prices across export markets.
ukragroconsult.comNov 18, 2025After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
