The global wheat production is expected to reach 794.1 million tons, which is 2.8 million tons less than last month's forecast, primarily due to declines in the EU, India, and Russia.

Wheat exports are also reduced by 0.7 million tons to 215.8 million tons, including a 1.5 million ton decrease for the EU and a 1 million ton increase for Ukraine.

Global wheat stocks at the end of 2024/25 are projected to be 257.7 million tons (+0.5), with increases in the EU (+0.5), Russia (+0.5), and a decrease in the U.S. by 0.4 million tons to 22.1 million tons. Global ending stocks remain the lowest since 2015/16.