USDA’s outlook for 2025/26 U.S. wheat is unchanged for exports and slightly higher ending stocks to 931 million bushels - 9 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price remains at $4.90 per bushel.  The global outlook for 2025/26 wheat ending stocks is reduced 0.7 million tons to 277.5 million – which is a 5-year high because of increases for all major exporters.  ...