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Wheat futures fell to $5.7 per bushel, marking the lowest level since early March and heading for the sharpest weekly decline since June, after the USDA’s latest WASDE report raised its global stock forecast. The agency now projects world wheat inventories at 283.12 million metric tons for the 2025/26 marketing year, up from 276.96 million tons and exceeding market expectations, driven by stronger harvests in Russia and the EU. The report also noted improving US crop conditions and a generally robust global supply outlook. However, Commerzbank anticipates a price rebound in the coming months, arguing the recent drop may be overdone given downside risks to the new harvest, including fertilizer shortages tied to the Iran conflict.
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