Drought in key regions, including the US, Australia, parts of the Black Sea agricultural region, and Europe, has negatively impacted the wheat supply outlook.
While drought conditions are expected to continue in the US, in Australia, shortages of agricultural inputs and ongoing drought have negatively impacted wheat planting areas in the country, a major producer and exporter.
Additionally, adverse weather conditions in parts of the Black Sea region and some parts of Europe have affected the wheat supply outlook in some of the world's largest wheat-producing regions.
