USDA – Grain. World Markets and Trade, Jan 2025

The report by USDA "Grain. World Markets and Trade, Jan 2025" provides an analysis of global wheat market trends and projections. Russia's wheat production for 2024/25 is forecasted at 81.5 million tons, a decrease from the previous year. Despite lower supplies, Russia exported record volumes in the first half of the marketing year. Export restrictions from key partners have led Russia to expand markets elsewhere. However, domestic supplies are strained, prompting the Russian government to impose export quotas and taxes. Global wheat production is slightly up, with increases in Syria and Pakistan offsetting reductions in Uruguay. Global stocks are up but remain the lowest since 2015/16. The report highlights shifts in global trade dynamics, with changes in major exporters and importers affecting market conditions.