Feed and residual wheat use down in 2012-2013
Domestic use of wheat for 2012/13 is projected at 1,386 million bushels, down 14 million bushels from March and 204 million bushels higher than last year. Food use for 2011/12 is projected at 950 million bushels, unchanged from March, but up 9 million bushels from 2011/12.
Projected food use reflects continued high extraction rates due to high wheat prices, but population growth and slightly higher per capita use raise food use on the year. Projected seed use is up slightly from March.
Feed and residual use is projected at 360 million bushels, down 15 million bushels from March based on higher than expected stocks in the NASS March 28 Grain Stocks report. As projected, feed and residual use would be up 196 million bushels from 2011/12. Projected exports for 2012/13, at 1,025 million bushels, are unchanged from March.
Total wheat exports for 2012/13 are expected to be 25 million bushels less than in 2011/12. Projected total U.S. ending stocks for 2012/13, at 731 million bushels, are up from March by 15 million bushels with lower feed and residual use. The 2012/13 ending stocks are down 12 million bushels from 2011/12.
All wheat ending stocks are projected down 2 percent from 2011/12. HRS, durum, and HRW ending stocks are up from 2011/12 by 26 percent, 20 percent, and 13 percent, respectively. SRW and white ending stocks are down from 2011/12 by 42 percent and 28 percent, respectively.
Source: Wheat Outlook
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