Global Wheat Demand Supports Improved Price Outlook 2026

Smaller U.S. production and steady global demand could provide better pricing opportunities in 2026.

NASHVILLE, TENN. (RFD-TV) — Wheat prices could see a modest improvement in 2026 as supply fundamentals tighten, even after record global production in 2025. According to Dr. Mark Welch, grain markets economist with Texas A&M AgriLife Extension, strong worldwide demand and the likelihood of a smaller U.S. crop are shifting the outlook compared with the past year.

USDA data show world wheat production reached a record 837.8 million metric tons in 2025, while U.S. yields climbed to an all-time high of 53.3 bushels per acre. However, U.S. wheat acreage has remained steady at around 45 million acres, and weather expectations are becoming less favorable. The winter of 2026 is forecast to be influenced by La Niña conditions, which typically bring warmer, drier weather to the Southern Plains and raise the risk of lower yields.

Domestic wheat use has remained stable for decades, leaving exports as the key swing factor. Global consumption outside major exporting nations continues to exceed production, creating a growing import gap that supports demand for U.S. wheat.

Farm-Level Takeaway: Smaller U.S. production and steady global demand could provide better pricing opportunities in 2026.
Tony St. James, RFD-TV Markets Specialist

As the year comes to a close, U.S. Wheat Associates is reflecting on the wins and challenges of 2025, taking stock of what worked, what did not, and where new opportunities may lie for American wheat producers. In its year-in-review, the organization highlighted growing demand prospects in South America, pointing to the region as a key market to watch in the year ahead. Officials say continued engagement and trade development efforts there could help offset headwinds in other global markets.

Looking ahead to the 2025–26 marketing year, the U.S. wheat crop is projected to total nearly 2 billion bushels. That figure represents a modest increase in overall production compared to the 2024 crop. According to industry experts, the production boost is mainly being driven by strong winter wheat performance. Favorable growing conditions and steady acreage are contributing to the higher outlook, offering cautious optimism for producers heading into the next marketing year.

U.S. Wheat Associates says its focus moving forward will remain on expanding export opportunities, strengthening relationships with international buyers, and ensuring U.S. wheat remains competitive in a challenging global market.

Related Stories
Today, the Breugmans grow wheat, canola, and hay and raise cattle in their century-old ranching operation in Grangeville, Idaho.
Thousands of pork producers from around the globe gathered in Des Moines, Iowa, this week for the World Pork Expo to showcase the latest production innovations and learn about market trends in the industry.
Mike Vanmaanen, president of the Livestock Marketing Association, joins us Friday on the Market Day Report for a closer look at the Heritage Act.
Nationwide Agribusiness joins us in honor of National Safety Month, sharing some steps employers and workers can take to stay protected on the farm.
Keeping a close eye on Capitol Hill, farmers and ranchers wait with bated breath as President Trump’s “One Big Beautiful Bill” heads to the Senate. AFBF economist Danny Munch joins us for a closer look.
Education and Training At The Same Time!

Tony St. James joined the RFD-TV talent team in August 2024, bringing a wealth of experience and a fresh perspective to RFD-TV and Rural Radio Channel 147 Sirius XM. In addition to his role as Market Specialist (collaborating with Scott “The Cow Guy” Shellady to provide radio and TV audiences with the latest updates on ag commodity markets), he hosts “Rural America Live” and serves as talent for trade shows.

LATEST STORIES BY THIS AUTHOR:

Livestock profits are propping up overall sentiment, but crop producers remain cautious amid tight margins and uncertain policy signals.
RaboResearch says China’s pivot from mass production to innovation-driven growth could reshape global pesticide supply chains — and influence prices and product access for U.S. farmers in the coming years.
Farmers for Free Trade Executive Director Brian Kuehl shares more about the tour to gather farmers’ insights on the economic challenges they face in the ag economy.
Recent U.S.–China trade developments provided a small lift for soy markets, though most traders are waiting for concrete purchase data before making major moves.
Wheat futures briefly hit a three-month high before retreating as the markets wait for word on whether the deal will actually happen.
Expect modest relief on several produce lines, mixed protein trends into holiday buying, and softer veg-oil costs — a good week to sharpen forward buys selectively.