Kazakhstan plans to significantly expand its grain deep-processing capacity by 2028 through the implementation of five projects with a combined capacity of up to 4.8 million tonnes of wheat and corn per year. According to the Ministry of Agriculture of Kazakhstan, this strategy is viewed as a key step in transitioning the agro-industrial sector from a raw-material export model toward the production of competitive, higher value-added goods.

Argentina is expected to harvest a record wheat crop of around 27.5 million tonnes in the 2025/26 season, according to an assessment by the USDA Foreign Agricultural Service. Industry observers attribute the increase to sustained investment in improved seed genetics and production technologies, combined with favourable weather conditions, including a wet winter and a relatively cool grain-maturing period.

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.

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.

In May 2024, global wheat export prices rose sharply in all major producing countries, with many recording double-digit growth. Increasing concerns about the impact of unfavorable crop conditions on the 2024 harvest in the European Union and the Russian Federation led to a 16 percent increase in prices in the EU and a 12 percent increase in the Russian Federation.