Teucrium Commodity Trust

Previous wording

Teucrium Trading, LLC (the “Sponsor”) is the sponsor of the Trust and each of the series of the Trust. The Sponsor is a Delaware limited liability company, formed on July 28, 2009. The principal office is located at Three Main Street, Suite 215, Burlington, Vermont 05401. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). Teucrium Investment Advisors, LLC, a wholly owned subsidiary of the Sponsor, is a Delaware limited liability company, which was formed on January 4, 2022. Teucrium Investment Advisors, LLC is a U.S. Securities and Exchange Commission (“SEC”) registered investment advisor. Teucrium Investment Advisors, LLC was registered with the CFTC as a CPO on May 2, 2022, a CTA on May 2, 2022, and a Swap Firm on May 9, 2022. Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022.

Current wording

Teucrium Trading, LLC (the “Sponsor”) is the sponsor of the Trust and each of the series of the Trust. The Sponsor is a Delaware limited liability company, formed on July 28, 2009. The principal office is located at Three Main Street, Suite 215, Burlington, Vermont 05401. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). Teucrium Investment Advisors, LLC, a wholly owned subsidiary of the Sponsor, is a Delaware limited liability company, which was formed on January 4, 2022. Teucrium Investment Advisors, LLC is a U.S. Securities and Exchange Commission (“SEC”) registered investment advisor. Teucrium Investment Advisors, LLC was registered with the CFTC as a CPO on May 2, 2022, a CTA on May 2, 2022, and a Swap Firm on May 9, 2022. Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022. Teucrium Asset Management, LLC, a wholly owned subsidiary of the Sponsor, is a Delaware limited liability company, which was formed on September 15, 2025.

Previous wording

The discussion below addresses the material changes in the results of operations for the three and six months ended June 30, 2025 compared to the same period in 2024. The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation. CORN, SOYB, WEAT, CANE and TAGS each operated for the entirety of all periods.

Current wording

The discussion below addresses the material changes in the results of operations for the three and nine months ended September 30, 2025 compared to the same period in 2024. The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation. CORN, SOYB, WEAT, CANE and TAGS each operated for the entirety of all periods.

Previous wording

On June 30, 2025, CORN held a total of 2,078 CBOT Corn Futures contracts with a notional value of $44,666,813. The contracts had an asset fair value of $0 and a liability fair value of $2,774,440. The weighting of the notional value of the contracts is as follows: (1) 35% to the SEP25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to DEC25 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC26 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.

Current wording

On September 30, 2025, CORN held a total of 2,180 CBOT Corn Futures contracts with a notional value of $48,410,363. The contracts had an asset fair value of $102,131 and a liability fair value of $193,186. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAR26 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to MAY26 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC26 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract.

Previous wording

Total net assets for the Fund decreased year over year by (29%), driven by a combination of a decrease in total shares outstanding of (925,000) shares or (27%) and a decrease in the NAV per share of ($0.60) or (3%). The net assets for the Fund decreased by (13%) when comparing June 30, 2025, to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.

Current wording

Total net assets for the Fund decreased year over year by (23%), driven by a combination of a decrease in total shares outstanding of (650,000) shares or (19%) and a decrease in the NAV per share of ($1.02) or (6%). The net assets for the Fund increased by 8% when comparing September 30, 2025, to June 30, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness.

Previous wording

The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.

Current wording

The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.

Previous wording

The increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Current wording

The decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Previous wording

On June 30, 2025, the Fund held a total of 512 CBOT soybean futures contracts with a notional value of $26,640,176. The contracts had an asset fair value of $327,452 and had a liability fair value of $946,706. The weighting of the notional value of the contracts is as follows: (1) 35% to NOV25 CBOT contracts, (2) 30% to JAN26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.

Current wording

On September 30, 2025, the Fund held a total of 622 CBOT soybean futures contracts with a notional value of $32,236,738. The contracts had an asset fair value of $254,889 and had a liability fair value of $731,382. The weighting of the notional value of the contracts is as follows: (1) 35% to JAN26 CBOT contracts, (2) 30% to MAR26 CBOT contracts, and (3) 35% to NOV26 CBOT contracts.

Previous wording

Total net assets for the Fund decreased year over year by (4%), driven by a combination of an increase in total shares outstanding of 50,000 shares or 4% and by a decrease in the NAV per share of ($1.89) or (8%). The net assets for the Fund increased by 4% when comparing June 30, 2025, to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by decreased supply estimates, and mandates for plant-based renewable fuels contributing to weakness.

Current wording

Total net assets for the Fund increased year over year by 2%, driven by a combination of an increase in total shares outstanding of 125,000 shares or 9% and by a decrease in the NAV per share of ($1.56) or (7%). The net assets for the Fund increased by 21% when comparing September 30, 2025, to June 30, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor inflows which was driven by decreased supply estimates, and mandates for plant-based renewable fuels contributing to weakness.

Previous wording

The increase in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Current wording

The decrease/increase in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was generally due to the average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Previous wording

On June 30, 2025, the Fund held a total of 545 ICE sugar futures contracts with a notional value of $10,372,499. The contracts had an asset fair value of $0 and a liability fair value of $470,576. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAR26 ICE No 11 contracts, (2) 30% to the MAY26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.

Current wording

On September 30, 2025, the Fund held a total of 741 ICE sugar futures contracts with a notional value of $13,506,640. The contracts had an asset fair value of $33,241 and a liability fair value of $390,032. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAY26 ICE No 11 contracts, (2) 30% to the JUL26 ICE No 11 contracts, and (3) 35% to the MAR27 ICE No 11 contracts.

Previous wording

Total net assets for the Fund decreased year over year by (24%), driven by a combination of a decrease in total shares outstanding of (175,000) or (16%) and a decrease in the NAV per share of ($1.26) or (10%). The net assets for the Fund decreased by (6%) when comparing June 30, 2025, to March 31, 2025. This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest.

Current wording

Total net assets for the Fund decreased year over year by (7%), driven by a combination of an increase in total shares outstanding of 175,000 or 16% and a decrease in the NAV per share of ($2.56) or (19%). The net assets for the Fund increased by (30%) when comparing September 30, 2025, to June 30, 2025. This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest.

Previous wording

The decrease in interest and other income year over year was due to declining interest rates, and lower average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.

Current wording

The decrease in interest and other income year over year was due to declining interest rates, and lower average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.

Previous wording

The decrease in total gross fees and other expenses excluding management fees for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024 was generally due to lower average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Current wording

The increase/decrease in total gross fees and other expenses excluding management fees for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024 was generally due to higher/lower average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Previous wording

On June 30, 2025, the Fund held a total of 4,094 CBOT wheat futures contracts with a notional value of $117,202,588. The contracts had an asset fair value of $180,770 and a liability fair value of $12,456,511. The weighting of the notional value contracts is as follows: (1) 35% to SEP25 CBOT contracts, (2) 30% to DEC25 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.

Current wording

On September 30, 2025, the Fund held a total of 4,270 CBOT wheat futures contracts with a notional value of $117,317,775. The contracts had an asset fair value of $0 and a liability fair value of $7,033,966. The weighting of the notional value contracts is as follows: (1) 35% to MAR26 CBOT contracts, (2) 30% to MAY26 CBOT contracts, and (3) 35% to DEC26 CBOT contracts.

Previous wording

Total net assets for the Fund decreased year over year by (14%), driven by an increase in the shares outstanding of 550,000 or 2%, and a decrease in the NAV per share of ($0.84) or (16%). The net assets for the Fund increased by 2% when comparing June 30, 2025 to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor in-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices.

Current wording

Total net assets for the Fund decreased year over year by (15%), driven by an increase in the shares outstanding of 2,225,000 or 8%, and a decrease in the NAV per share of ($1.12) or (21%). The net assets for the Fund increased by $121,132 or approximately 0.1% when comparing September 30, 2025 to June 30, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor in-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices.

Previous wording

The decrease in interest and other income year over year was due to a decrease in average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.

Current wording

The decrease in interest and other income year over year was due to a decrease in average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.

Previous wording

On June 30, 2025, the Fund held: 1) 123,962 shares of CORN with a fair value of $2,193,309; 2) 482,948 shares of WEAT with a fair value of $3,323,116; 3) 100,630 shares of SOYB with a fair value of $2,190,373; and 4) 201,989 shares of CANE with a fair value of $1,922,205. The weighting on June 30, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.

Current wording

On September 30, 2025, the Fund held: 1) 112,791 shares of CORN with a fair value of $1,968,699; 2) 475,661 shares of WEAT with a fair value of $1,956,774; 3) 90,219 shares of SOYB with a fair value of $1,939,384; and 4) 189,099 shares of CANE with a fair value of $2,003,013. The weighting on September 30, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE.

Previous wording

Total net assets for the Fund decreased year over year by (36%), driven by a decrease in shares outstanding of (150,000) shares or (29%) and a decrease in the NAV/share of ($2.35) or (9%). The net assets for the Fund decreased by (13%) when comparing June 30, 2025 to March 31, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows which was driven by the ample supply estimates and stabilization of prices worldwide.

Current wording

Total net assets for the Fund decreased year over year by (33%), driven by a decrease in shares outstanding of (100,000) shares or (23%) and a decrease in the NAV/share of ($3.55) or (13%). The net assets for the Fund decreased by (10%) when comparing September 30, 2025 to June 30, 2025. The change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows which was driven by the ample supply estimates and stabilization of prices worldwide.

Previous wording

The decrease in total gross fees and other expenses for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Current wording

The decrease in total gross fees and other expenses for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period.

Previous wording

The United States is the world’s leading producer and exporter of corn. For the Crop Year 2025-26, the USDA estimates that the U.S. will produce approximately 32% of all the corn globally, of which about 17% will be exported. For 2025-2026, based on the July 2025, USDA reports, global consumption of 1,276 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,264 MMT. If the global demand for corn is not equal to global supply, this may have an impact on the price of corn. Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine. Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia. China’s production at 295 MMT is approximately 9% less than its domestic usage.

Current wording

The United States is the world’s leading producer and exporter of corn. For the Crop Year 2025-26, the USDA estimates that the U.S. will produce approximately 33% of all the corn globally, of which about 18% will be exported. For 2025-2026, based on the September 2025, USDA reports, global consumption of 1,289 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,287 MMT. If the global demand for corn is not equal to global supply, this may have an impact on the price of corn. Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine. Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia. China’s production at 295 MMT is approximately 9% less than its domestic usage.

Previous wording

According to the USDA, global corn consumption has increased just over 652% from crop years 1960/1961 to 2025/2026 as demonstrated by the graph below and is projected to continue to grow in coming years. Consumption growth is the result of a combination of many factors including: 1) global population growth, which, according to the U.S. Census Department, is estimated to reach 9.7 billion by 2050; 2) a growing global middle class which is increasing the demand for protein and meat-based products globally and most significantly in developing countries; and 3) increased use of biofuels, including ethanol in the United States.

Current wording

According to the USDA, global corn consumption has increased just over 659% from crop years 1960/1961 to 2025/2026 as demonstrated by the graph below and is projected to continue to grow in coming years. Consumption growth is the result of a combination of many factors including: 1) global population growth, which, according to the U.S. Census Department, is estimated to reach 9.7 billion by 2050; 2) a growing global middle class which is increasing the demand for protein and meat-based products globally and most significantly in developing countries; and 3) increased use of biofuels, including ethanol in the United States.

Previous wording

Global soybean production is concentrated in the U.S., Brazil, Argentina, and China. The USDA has estimated that, for the Crop Year 2025-26, the United States will produce approximately 118 MMT of soybeans or approximately 28% of estimated world production, with Brazil production at 175 MMT. Argentina is projected to produce about 49 MMT. For 2025-26, based on the July 2025 USDA report, global consumption of 425 MMT is estimated slightly lower than global production of 428 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans. Global soybean consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, and international trade policy. Soybeans are a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide soybean production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the July 2025 USDA report.

Current wording

Global soybean production is concentrated in the U.S., Brazil, Argentina, and China. The USDA has estimated that, for the Crop Year 2025-26, the United States will produce approximately 117 MMT of soybeans or approximately 27% of estimated world production, with Brazil production at 175 MMT. Argentina is projected to produce about 49 MMT. For 2025-26, based on the September 2025 USDA report, global consumption of 424 MMT is estimated slightly lower than global production of 426 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans. Global soybean consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, and international trade policy. Soybeans are a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide soybean production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the July 2025 USDA report.

Previous wording

Wheat is used to produce flour, the key ingredient for breads, pasta, crackers, and many other food products, as well as several industrial products such as starches and adhesives. Wheat by-products are used in livestock feeds. Wheat is the principal food grain produced in the United States, and the United States’ output of wheat is typically exceeded only by that of China, the European Union, Russia, and India. The USDA estimates that for 2025-26, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada. The U.S. generates approximately 6% of global production, with approximately 44% of that being exported. For 2025-26, based on the July 2025 USDA report, global consumption of 811 MMT is estimated to be slightly higher than production of 809 MMT. If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat. Global wheat consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy. Wheat is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide wheat production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided herein is from the July 2025 USDA report.

Current wording

Wheat is used to produce flour, the key ingredient for breads, pasta, crackers, and many other food products, as well as several industrial products such as starches and adhesives. Wheat by-products are used in livestock feeds. Wheat is the principal food grain produced in the United States, and the United States’ output of wheat is typically exceeded only by that of China, the European Union, Russia, and India. The USDA estimates that for 2025-26, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada. The U.S. generates approximately 6% of global production, with approximately 47% of that being exported. For 2025-26, based on the September 2025 USDA report, global consumption of 815 MMT is estimated to be slightly lower than production of 816 MMT. If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat. Global wheat consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy. Wheat is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide wheat production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided herein is from the September 2025 USDA report.