IDAHO WHEAT COMMISSION

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Wheat Supplies in Major Exporteres to Hit 16-Year Low

Relative to demand, global wheat supplies among major exporters in 2023-24 are seen at the lightest levels since 2007-08, nearly identical to the year-ago outlook that contributed to high wheat prices. Global wheat prices are around 45% lower now versus mid-May 2022, perhaps somewhat justified by a looser-than-expected conclusion to 2022-23. Plenty of uncertainty around global wheat production and trade remains, especially in the Black Sea, since 2023-24 grain crops are far from settled. However, predictions for multi-year supply lows may be more common than realized.

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