Wheat output falls 24 mt in 2026‑27, Iran war and El Niño blame
Analysts project global wheat production at 821 mt for 2026‑27, 23‑24 mt lower than this season, as El Niño‑driven weather and soaring fertilizer costs from the Iran conflict cut acreage in North America, Europe and Australia. With consumption rising, stocks could dip below 280 mt, tightening markets into 2027‑28.