USDA’s initial outlook for 2026/27 U.S. wheat is for a significant reduction in Hard Red Winter wheat: The expectation is for an 18 percent decline in ending stocks and a $1.50-bushel increase in the seasonal average farm price to $6.50 per bushel.  Total global wheat product is presently expected to see a modest decline in production and Russia is expected to remain the world’s largest wheat exporter. ...