Domestic wheat feed, residual use up

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Domestic use of wheat for 2012/13 is projected at 1,400 million bushels, up 25 million bushels from January and 218 million bushels higher than last year. Food use for 2011/12 is projected at 950 million bushels, unchanged from January, but up 9 million bushels from 2011/12.

The higher year-to-year food use reflects both continued high extraction rates due to high wheat prices and population growth. Projected seed use is unchanged from January. Feed and residual use is projected at 375 million bushels, up 25 million bushels from January because wheat has become more price competitive with corn in livestock rations. Projected feed and residual use for 2012/13 is 211 million bushels above feed and residual use for 2011/12.

Projected exports for 2012/13, at 1,050 million bushels, are unchanged from January. Total wheat exports for 2012/13 are expected to be the same as in 2011/12. Based largely on the pace of sales and shipments to date, offsetting changes are made by class of wheat. HRW and HRS wheat exports are down 25 million bushels and 5 million bushels, respectively, from January.

SRW and white wheat exports are raised 25 million bushels and 5 million bushels, respectively, from January. Projected total U.S. ending stocks for 2012/13, at 691 million bushels, are down from January by 25 million bushels with the higher feed and residual use. The 2012/13 ending stocks are down 52 million bushels from 2011/12.

All wheat ending stocks are projected down 7 percent from 2011/12. Durum and HRS ending stocks are up from 2011/12 by 47 percent and 16 percent, respectively. White, SRW, and HRW ending stocks are down from 2011/12 by 34 percent, 28 percent, and 4 percent, respectively.

Source: Wheat Outlook

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