The current global wheat campaign is expected to experience a slight decrease, reaching around 782 million tonnes according to the latest World Agricultural Supply and Demand Estimates (WASDE) from the U.S. Department of Agriculture. India, Argentina, and Brazil anticipate a decline in their harvests, not offset by the Russian overproduction. However, the high level of global wheat stocks, estimated at nearly 270 million tonnes, maintains an adequate supply, resulting in a slight decrease in prices. For example, in early November, the Soft Red Winter wheat bushel recorded a decrease of more than 2%, falling to $5.78.
For other cereals, the trends are upward. Corn production is expected to reach 1,220 million tonnes, notably thanks to Russia and Ukraine, and soybean production is also on the rise with an expected 400 million tonnes, including 112 million produced on U.S. soil.