WASHINGTON, D.C. (RFD NEWS) — USDA’s Economic Research Service says the global wheat outlook is tightening as production falls from last year’s record. World wheat production for 2026/27 is forecast to be down by 24.8 million metric tons, though it remains the second-highest on record.
The biggest production decline is in the United States, where drought reduced area and yields. ERS says other major exporters are also lower, including the European Union, Argentina, Russia, Australia, Canada, Kazakhstan, and Ukraine.
Trade is expected to contract because exporters have smaller supplies and several importing countries have larger crops. North Africa and the Middle East are seeing better production, with Morocco, Turkey, Iran, and Egypt expected to import less.
Global wheat consumption is also shifting. Feed and residual use are forecast to decline, while food, seed, and industrial use are forecast to grow, driven by India’s larger crop and population.
Ending stocks are projected to decline to 275 million metric tons, with major exporters’ stocks tightening most sharply.