The USDA forecasts wheat production to rise to 798.3 million tonnes, with an increase in shipments to 1.061 billion tonnes, primarily due to higher production in Ukraine, Kazakhstan, and Australia, which offsets lower production in the EU and the US. Global wheat consumption has also reached a record 804.0 million tonnes. However, forecasted global ending stocks for 2024/25 are at the lowest level since 2015/16.
Moreover, global feed grain production for 2024/25 is predicted to decrease due to reduced production in the EU, Russia, Serbia, Ukraine, and Moldova, largely due to extreme weather conditions. This is expected to impact world corn production, with decreases in the EU, Serbia, Russia, and Ukraine. Finally, global corn stocks are also expected to decline, with only partial offsets from increases in Mexico and India.