# Initial 2024/25 Estimates Add To Bullish Market Sentiment

> The May WASDE projected record 2024/25 world wheat production of 798.2 MMT and consumption of 802.4 MMT. USDA cut Russian wheat production to 88.0 MMT, the lowest since 2021, and Ukrainian output to 21.0 MMT. CBOT wheat futures rose from $5.53 to $6.63 a bushel between April 18 and May 10.

- Date: 2024-05-28 · published 2024-05-28T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30291-initial-2024-25-estimates-add-to-bullish-market-sentiment
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

A USDA forecast of consumption exceeding production and lower Russian and Ukrainian output reduces export supplies and supports wheat prices.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2021-12-15 | [Adjusting to USDA Estimates in a Record-Setting Marketing Year](https://feedsoft.ai/events/43646-adjusting-to-usda-estimates-in-a-record-setting-marketing-year.md) | +4.5% | -3.4% |
| KWHEAT | 2020-01-15 | [Markets react as USDA reduces production estimates \| The Rural \| Wagga Wagga, NSW](https://feedsoft.ai/events/55031-markets-react-as-usda-reduces-production-estimates-the-rural-wagga-wagga-nsw.md) | -0.9% | -5.2% |
| KWHEAT | 2024-04-29 | [Wheat Market Outlook – April 29, 2024 \| Sask Wheat](https://feedsoft.ai/events/30780-wheat-market-outlook-april-29-2024-sask-wheat.md) | +2.1% | +11.6% |
| KWHEAT | 2026-05-12 | [USDA May 12 Bullish Wheat, Supportive Beans, Neutral Corn - ADM Investor Services](https://feedsoft.ai/events/19195-usda-may-12-bullish-wheat-supportive-beans-neutral-corn-adm-investor-services.md) | +4.5% | -6.3% |
| KWHEAT | 2020-06-10 | [Commercial U.S. Wheat Export Sales Top USDA Estimate - U.S. Wheat Associates](https://feedsoft.ai/events/52646-commercial-u-s-wheat-export-sales-top-usda-estimate-u-s-wheat-associates.md) | -4.3% | -1.3% |
| WHEAT | 2021-12-15 | [Adjusting to USDA Estimates in a Record-Setting Marketing Year](https://feedsoft.ai/events/43646-adjusting-to-usda-estimates-in-a-record-setting-marketing-year.md) | +4.2% | +7.4% |
| WHEAT | 2024-11-04 | [EU cuts 2024/25 maize, soft wheat crop estimates](https://feedsoft.ai/events/27355-eu-cuts-2024-25-maize-soft-wheat-crop-estimates.md) | +0.1% | -1.8% |
| WHEAT | 2020-03-23 | [COCERAL cuts 2020 EU grain estimate market report](https://feedsoft.ai/events/54066-coceral-cuts-2020-eu-grain-estimate-market-report.md) | -6.6% | -4.4% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/initial-2024-25-estimates-add-to-bullish-market-sentiment/
- uswheat.org: https://uswheat.org/wheatletter/initial-2024-25-estimates-add-to-bullish-market-sentiment/

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