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
“Applying significant broad-based tariffs on Mexico and Canada would be really a downside to the U.S. economy.”
Geomagnetic storms have been occurring with increased frequency in space this year, with significant consequences for agriculture.
Crop diseases and pests are taking a toll on Kansas corn. Two crop experts from Kansas State University share tips for producers dealing with cutworms and armyworms.
The Illinois Farm Bureau shows how hemp can regenerate the earth and boost rural economies.
Betsy Jibben with Ag Market Consulting takes us behind the scenes on report day with AgMarket.net.
A slimmed-down Farm Bill is back on the table in Washington, with lawmakers pushing for a deal by Fall 2025. Sen. Jerry Moran of Kansas weighs in with his outlook.

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:

Brooks York with AgriSompo joins us to offer an update on what agents are prioritizing as the calendar year winds down.
The newly elected Executive Vice President of the Tennessee Cattlemen’s Association (TCA), Dale Parker, joins us on-set to share his vision for his state’s cattle industry.
A leading Oklahoma veterinarian explains common symptoms of Equine Herpes Virus (EHV) and warns owners to remain vigilant because it can spread quickly among horses.
National FFA President Trey Myers joins Monday’s FFA Today to share his hopes and goals for the 2025-2026 year as he steps into this opportunity to lead and serve the next generation of agriculture.
Watch the special this Saturday at 6:00 PM Eastern on RFD-TV
Despite the need for swift action, many ag lawmakers and industry groups argue that farm aid alone will likely not be sufficient to help farmers without improved trade relations with China.