*Wheat Market Highlight* According to the WASDE report by the USDA, the global wheat outlook for 2024/25 projects slightly higher supplies and consumption but lower trade and ending stocks. Supplies increased by 0.6 million tons to 1,061.3 million, mainly due to higher production in Kazakhstan and Argentina. Consumption rises by 1.8 million tons to 803.7 million, driven by higher feed use in the EU, Kazakhstan, Thailand, and Ukraine. Global trade declined by 3 million tons to 209 million, with reduced exports from the EU, Mexico, Russia, Turkey, and Ukraine. China's wheat imports drop to 8 million tons, the lowest in five years. Ending stocks decreased by 1.3 million tons to 257.6 million, mainly due to lower stocks in China, partially offset by increases in Russia, Kazakhstan, and Ukraine.