全球供应宽裕 CBOT软红冬小麦期货震荡整理

Core Viewpoint - The global supply surplus and weak competitiveness in the U.S. continue to suppress the rebound potential of wheat prices, with Chicago Board of Trade (CBOT) soft red winter wheat futures closing down 0.14% as of the week ending November 14, 2025 [1] Market Information - According to the U.S. Department of Agriculture, the U.S. wheat export inspection volume for the week ending November 13, 2025, was 246,533 tons, down from a revised 291,443 tons the previous week [1] - For the crop year to date, the cumulative U.S. wheat export inspection volume is 12,363,115 tons, compared to 10,363,288 tons during the same period last year [1] - The U.S. wheat crop year began on June 1 [1] International Supply Data - Reports indicate that Russia's total wheat, barley, and corn exports for November are estimated at 5 million tons, a decrease from 5.4 million tons in October [1] - Specifically, wheat exports fell from 5.1 million tons in October to 4.6 million tons, while barley remained at 2 million tons, and corn doubled from 1 million tons to 2 million tons [1] Future Procurement Goals - The Egyptian supply ministry aims to procure 5 million tons of local wheat in the next quarter [1] Global Inventory Projections - The U.S. Department of Agriculture projected that the global wheat ending stocks for the 2025-26 season will be 271.43 million tons, exceeding analysts' expectations of 266.13 million tons [1]