Wheat set for longest run of losses since June on supply outlook

Wheat headed for the longest run of declines in more than five months on expectations for ample supply and a stronger dollar.

Global wheat production is set to be the highest on record in 2024-25, according to the US Department of Agriculture, with Australia on track for a bumper crop and yields better than expected in some parts of Argentina. The prospect of fewer interest-rate cuts by the Federal Reserve supported the dollar.

Wheat futures in Chicago are down for a sixth day, the longest losing streak since late June. Prices are on track for a second weekly decline.

Downward momentum, however, could be limited by a smaller crop from Russia, the world’s biggest exporter. Consultant SovEcon this week trimmed its forecast for the nation’s 2025 production to the lowest since 2021.