Wheat futures remained stable above $5.30 per bushel following the release of the WASDE report. The 2024/25 U.S. wheat outlook for January shows slightly larger supplies, higher domestic use, unchanged exports, and a small increase in ending stocks. Supplies are boosted by higher imports, especially Hard Red Spring wheat, which rise by 5 million bushels to 130 million. Feed and residual use stays at 120 million bushels. Seed use is raised by 2 million bushels to 64 million. Exports remain unchanged at 850 million bushels, with offsetting by-class changes. Globally, supplies are up by 0.4 million tons to 1,060.7 million tons, driven by increased production in Syria and Pakistan. On the other hand, global consumption is lowered by 0.6 million tons to 801.9 million tons, primarily due to reduced demand from Turkey. Global trade is forecast to decline by 1.7 million tons, while ending stocks are expected to rise to 258.8 million tons.