The wheat procurement market is vital because of wheat’s role as a major source of minerals and carbohydrates. Global supply is 1244 MMT for 2023-2024, with consumption at 781 MMT. Modern diet trends and demand for packaged foods drive growth. However, ending stocks fell by 4%, affecting supply chains in the wheat market.
Albuquerque, NM, June 24, 2024 (GLOBE NEWSWIRE) — Wheat is recognized as a major source of vital minerals and carbohydrates and a fundamental component of many international cuisines. It is an important crop in Asia Pacific and can be used in many different recipes due to its versatility. Generally, it is used to make flour, an essential ingredient of pastries and breads. In addition, it is used to make beverages such as wheat beers, which are highly valued throughout the world. Strong demand for wheat in the food production sector drives wheat production worldwide and is critical to the expansion of the industry. According to ELINT Market Research’s procurement intelligence analysis, global supply is estimated at 1244 MMT in 2023-2024 for Global Grain procurement market. Also, during the same forecast period, wheat consumption is estimated at 781 MMT globally.
Modern eating habits and nutritional preferences among people are key aspects driving the demand for natural food items, which contribute to the development of the grain sector. Additionally, the need for wheat products is driven by an ever-increasing desire for packaged and quick-serve foods. The study predicted that wheat cultivation in India would reach 112.18 million tonnes between 2022 and 2023. Also, 107.74 million tonnes was recorded in the time frame of 2021-2022, this shows an increase of 4.12%. Moreover, the market intelligence analysis describes the ending commodity stocks in the wheat market in 2023-2024 were estimated to be 262 MMT, a relatively smaller amount of inventory compared to the average of the previous five years. In this regard, ending wheat supplies have decreased significantly by 4% worldwide. In addition, several countries saw a significant drop in wheat supplies in the international wheat sector. These included the US at 41%, the EU at 1%, and Russia at 9%. These models and supply chains of the global grain economy are affected by these reduced reserves.
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Growing cultivation movements and health related concerns drive the growth of the wheat market
The main purpose of wheat cultivation is for human consumption, which includes the production of beer, foods, beverages, medicines and products for animal consumption. Additionally, wheat-based commodities are used in many non-food industries such as paints, clothing, apparel, bioethanol production, and sustainable energy options. Additionally, wheat straw emerged as the main byproduct of wheat harvest used to make plywood and soundproofing goods. These applications demonstrate the extreme adaptability traits of wheat and drive massive growth in the international wheat market. Moreover, another major reason for the increase in the use of wheat is the increase in health-related concerns among people such as diabetes, heart problems, obesity, etc. Since wheat contains essential nutrients such as protein, carbohydrates, minerals, vitamins and more; so individuals prefer wheat in their daily meals.
Highlights for the wheat market
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Wheat is a versatile crop that can even help a lot in industrial activities, despite its traditional role as a preliminary food source that drives the global wheat market. In this regard, wheat straw is becoming popular, which is derived from cultivated wheat and is used to help create wood plywood and soundproofing products.
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Wheat is a highly adaptable grain and can be grown in a variety of climates, altitudes and soil types, making it suitable for cultivation in many nations. Therefore, this adaptability creates significant prospects in the global grain procurement intelligence market.
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The international wheat market includes MATIF Euronext in Europe and FOB Novorossiysk Export Price in Russia which serve as important benchmark price indices that facilitate the execution of effective trade transactions in both countries.
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The key wheat market engagement model lasting 3-6 months helps stakeholders negotiate terms and prices. Major commodity exchanges such as ASX, NSW and KC HRW are part of this type of contract that helps make arrangements for wheat commodities from Missouri/Kansas, USA. Additionally, Australia chose October-December 2023, and the US/Canada chose September-November 2023 as the biggest price lock-in periods to maximize their procurement tactics.
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Wheat market price fluctuations occur due to nitrogen fertilizer shortages and wheat shortages in the US and EU.
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Regional Dynamics of the Wheat Market
The geographical study of the global wheat industry illustrates the main countries that are carrying out major activities of production, consumption, distribution and import of wheat in significant percentages. Thus, the main wheat producing regions include China with 17.6%, the EU with 16.9%, India with 13.1%, Russia with 11.6% and the USA with 6.2%. Further, the largest wheat consuming countries are the EU with 13.7%, China with 18.3%, India with 13.3%, Russia with 5.7% and the USA with 3.87%. Additionally, the top wheat exporting provinces include Russia at 20.1%, the EU at 16%, Canada at 12.4%, Australia at 12% and the US at 10.7%.
Finally, the import percentages for the main countries are Indonesia with 5.5%, Egypt with 5.4%, Turkey with 5%, China with 4.7% and Algeria with 4.1%. Additionally, wheat price patterns for various countries include Russia at $321/MT, the EU at €264/MT and the US at $323/MT. Also, different countries reported different weather consequences in 2023-2024. For example, the US saw bad weather while Russia, the EU and Canada witnessed favorable conditions in the wheat industry.
Notable developments in the grain market
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Russia experienced an export duty of $92.8 per metric ton in the wheat market. The European Union calculated its reduced level of trade tariffs, ie. 0% on the grain market when exporting to Egypt. In addition, the United States imposed a high trade tax of 89.1% on wheat items shipped to Japan. These figures highlight the erratic trade relations across the international territories of the world grain market.
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The University of Minnesota released MN-Rothsay in June 2022, which is recognized as a vigorous red spring wheat cultivar. This modern wheat cultivar possesses superior qualities such as fiber strength, disease immunity, high protein content and productivity.
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Inari, which is a well-known SEEDdesign firm, partnered with InterGrain, an Australian wheat development organization in February 2022. These alliances focused on increasing wheat production and survival skills.
Major players in the grain market
Key vendors in the global grain procurement market are Archer Daniels Midland (ADM), Cargill Inc., Tate & Lyle, Tereos SA, Roquette Freres, and Ingredion Inc.
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Important Questions about Wheat Market Report
1. Who are the key end users of the wheat market?
Some of the major end-user sectors of the wheat market are food, beverages, livestock, industrial operations, etc.
2. What is the biggest challenge in the wheat market?
Uncertainties in weather conditions are the biggest challenge for wheat producers.
3. What are the main wheat consuming regions?
Europe, China, India, Russia and the USA are the main regions that consume wheat in the international market.
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