Global Wheat Output Projected at 56-Year Low as Drought Strikes Every Major Exporter at Once

Drought across winter wheat areas has cut projected 2026/27 global wheat production to a 56-year low, per Reuters. The USDA held U.S. exports at 775 million bushels — down 15 percent year over year. Russia, Ukraine, and Canada offer no offset: seaport attacks, hailstorms, and flat capacity compound the squeeze. No single exporter can fill the gap.