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Global wheat production in 2023/24 is tentatively projected to retreat from the prior year’s record level amid a pullback in harvested area and yields, including a drop in the eight major exporters, the International Grains Council (IGC) said. The IGC saw global wheat production falling to 787 million tons from 801 million tons in the prior season.

Although wheat prices have fallen from the peak earlier this year, global wheat prices remain elevated, reflective of both uncertainty in the market based on disrupted trade flows in the Black Sea region and the continued decline in the stocks of several major exporters.

Record wheat crops in both Argentina and Brazil have provided ample exportable supplies as major importers scramble to find alternative sources of wheat amid the disruption to Ukraine exports.