FX.co ★ Wheat Prices Plunge as USDA Boosts Global Stock Forecast

Wheat futures dropped to $5.70 per bushel, the lowest level since early March and on track for the steepest weekly decline since June, after the USDA’s latest WASDE report raised its outlook for global stocks. 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 above market expectations, largely reflecting stronger harvest prospects in Russia and the EU. The report also highlighted improving U.S. crop conditions and a broadly ample global supply picture. Even so, Commerzbank expects prices to rebound in the coming months, contending that the recent selloff may be excessive given downside risks to the new crop, including potential fertilizer shortages linked to the conflict involving Iran.