The USDA's current WASDE report projects that the carryover of wheat on June 1, 2025, will be 856 million bushels. This is an increase of 13% from the June outlook of 758 million bushels, 22% higher than the 702 million bushels in 2024, and 50% more than the 570 million bushels in 2023. The 2025 carryover projection for all wheat classes is near the higher end of trade expectations. However, the USDA's updated estimate for 2024 production significantly exceeds trade estimates.