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
Trinity Barth and Liliann Tjaden-Duff joined us on Market Day Report to express their concerns about the future of the program that has, for 50 years, given students of all backgrounds a path to agriculture careers.
Agricultural irrigation return flow exemption and “Maui factors” are the topics of today’s Firm to Farm blog post by RFD-TV ag tax and legal expert Roger McEowen with Kansas’ Washburn School of Law.
“It is very unclear of what President Trump is looking to do in the long-term here.”
Ag Secretary Brooke Rollins told RFD-TV’s Kirbe Schnoor what steps the Administration might take to alleviate water issues (i.e. enlarging dams, building more reservoirs).
Here are the top agriculture news headlines from RFD-TV News today (Thursday, Feb. 27, 2025) and the top trending stories on RFD-TV News.
RFD-TV Ag Law & Tax Expert Roger McEowen outlines the top ten agricultural law and taxation topics from 2024 that will impact farmers and ranchers the most in 2025.

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:

The Livestock Conservancy joins us in the RFD-TV Studio to discuss how protecting heritage-breed poultry is essential to resilient food systems and the preservation of agricultural traditions.
Texas A&M livestock economist Dr. David Anderson joins Tony St. James to discuss the geopolitical tensions and U.S.-Mexico border closure that are leading to sharp swings in the cattle market.
Arizona producers are proving that desert farming and water conservation can coexist through technology, reuse, and efficiency — reinforcing both food security and environmental stewardship.
Caleb Ragland, president of the American Soybean Association (ASA), shares his reaction to news of soybean sales to China, which is considered both “welcome news” and a return to near-normal trade relations.
Rabobank’s outlook signals a tightening margin environment, emphasizing the need for cost control, trade stability, and clearer policy signals heading into 2026.
Treat succession like any major crop — plan early, document clearly, and calibrate cash flow so the next generation can succeed.