Higher projected wheat imports raise 2013-2014 ending stocks
Projected U.S. wheat supplies for 2013/14 are raised 10 million bushels with higher expected imports from a larger wheat crop in Canada. U.S. trade and food use changes by class largely reflect higher projected exports by Canada.
Hard red spring (HRS) wheat imports are raised 10 million bushels and durum imports are raised 5 million bushels. Partly offsetting is a 5-million-bushel reduction in projected soft red winter wheat imports. Food use is raised 10 million bushels for HRS wheat and lowered 10 million bushels for hard red winter (HRW) wheat.
HRS wheat exports are lowered 10 million bushels reflecting increased competition from Canadian spring wheat. HRW wheat exports are raised an offsetting 10 million bushels on the strong pace of sales and shipments in recent weeks.
Projected all wheat ending stocks are raised 10 million bushels. The projected range for the 2013/14 season-average farm price is narrowed 10 cents on each end of the range to $6.50 to $7.50 per bushel, well below the 2012/13 record of $7.77 per bushel.
Increased foreign production forecast for 2013/14 boosts world wheat supplies this month. The increase in world wheat supplies and slightly lower consumption raise projected world ending stocks.
U.S. wheat export prospects are unchanged, while European Union (EU-27) and Canadian exports are on the rise.
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