WASDE out of hibernation and bearish for wheat

oilseed and cotton figures. The November 2025 WASDE has lifted the forecast for Australian wheat production from the crop now being harvested to 36 million tonnes (Mt), up from 34.5Mt seen in September, while the national wheat exports figure is up 1Mt to 26Mt. “The global wheat outlook for 2025-26 is for larger supplies, consumption, trade, and ending stocks,” the report states, lifting combined beginning stocks and production 11.7Mt from 1078.6Mt seen in Sep to 1090.3Mt. In addition to the Australian increase, the jump comes mostly from lifts to production estimates for Argentina from 19.5Mt to 22Mt, Canada from 36Mt to 37Mt, the European Union from 140.1Mt to 142.3Mt, Kazakhstan from 16Mt to 18.9Mt, Russia from 85Mt to 86.5Mt, and the US from 52.45Mt to 54.01Mt. USDA’s estimate for global wheat consumption has risen 4.3Mt over the two months to 818.9Mt, primarily on higher feed and residual use seen for Russia, Kazakhstan, and the EU. “World trade is 2.5Mt larger at 217.2Mt, ...