After the US government announced new tariffs against Canada, Mexico and China, these countries took retaliatory measures that also affect the wheat trade. China imposed an additional 15% duty on US wheat, Canada and Mexico are considering or have already announced retaliatory tariffs on US products.

The International Grains Council (IGC) is forecasting record global grain production and consumption for the 2024-25 marketing year, while ending stocks are forecast at a 10-year low.

Grain production in the European Union and the United Kingdom has been revised down sharply in COCERAL’s latest forecast as adverse weather conditions weigh on harvests.

The Norwegian government signed an agreement to stockpile grain on June 25, saying the COVID-19 pandemic, war in Europe and climate change made it necessary, the Associated Press reported. The agreement to store 30,000 tons of grain was signed by the Norwegian Minister of Agriculture and Food and four private companies.

Ukraine's Ministry of Agriculture announced on June 14 that it had raised its grain production forecast by 7% for the upcoming 2024-25 marketing year, which begins July 1.

Taras Vysotsky, acting agriculture minister, said in a press release that production in the war-torn country had been revised upward to 56 million tons, up from 52.6 tons in the previous estimate. The forecast includes 21 million tons of wheat, 28.5 million tons of corn and 5 million tons of barley.