International Wheat Market Update

17-Jan-2025 08:08 AM

International Wheat Market Update
According to the weekly Export Sales report, wheat sales for the week ending January 9 totaled 513,424 MT, significantly exceeding trade estimates of 150,000–400,000 MT. This was a three-week high but 27.44% lower than the same week last year.
South Korea emerged as the largest buyer with 131,800 MT, followed by Taiwan with 114,700 MT.
The International Grains Council raised its global wheat stock estimate by 2 MMT to 265 MMT, although this remains 8 MMT lower than last year.
Strategy Grains increased its EU wheat production estimate by 0.6 MMT to 127.2 MMT.
Japan, in its latest tender, purchased 132,888 MT of wheat from the US, Canada, and Australia, including 48,308 MT specifically from the US.