See the latest Wheat Outlook report.
U.S. Wheat Exports Forecast at 5-Year High
U.S. wheat exports for 2025/26 are forecast up 25 million bushels to 825 million, the highest since 2020/21, based on a fast pace of export sales and larger domestic supplies. Export sales for the 2025/26 marketing year as of week 51 are 4.9 million metric tons, the highest in 12 years. U.S. wheat supplies are ample this year, with production up 8 percent from the recent 5-year average and ending stocks projected to build for the third straight marketing year. With larger supplies year over year and a weaker U.S. dollar, U.S. wheat prices are currently competitive with other major exporters. However, U.S. exports are not forecast to increase dramatically because of large supplies from several key competitors, most notably Russia and the European Union.