Improved U.S. Wheat Price Competitiveness Helps Drive Exports

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U.S. wheat exports are forecast to rebound by more than a million tons in the 2024/25 marketing year (June – May), after dipping to the lowest volume in more than 50 years in 2023/24. A key driver of this increase is the improved price competitiveness of U.S. wheat, particularly Hard Red Winter,  which was trading at a significant premium against the largest exporters this time last year but is now at a much smaller premium or even a relative discount. Unlike other large exporters, the United States is anticipated to have both a larger crop and robust stocks,  which has placed downward pressure on U.S. prices. The lower relative prices will better position U.S. wheat to compete globally and regain lost market share. 

Additional Information

Grain: World Markets and Trade - June 2024

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