Projected wheat exports lowered, raising ending stocks
U.S. wheat exports for 2012/13 are projected to be 25 million bushels lower this month, boosting projected ending stocks by the same amount. Continued strong competition, particularly from European Union (EU-27) and former Soviet Union (FSU-12), further reduces prospects for U.S. wheat shipments.
Projected exports for hard red winter wheat are lowered 25 million bushels. Exports are al so lowered 10 million bushels and 5 million bushels, respectively, for white and hard red spring wheat, but raised 15 million bushels for soft red winter wheat.
All-wheat imports are unchanged, but small adjustments are made among the classes. Trade changes largely reflect the pace of sales and shipments to date. The projected range for the season-average farm price for wheat is lowered 10 cents at the midpoint and narrowed to a range of $7.65 to $7.95 per bushel.
The world wheat production forecast for 2012/13 is increased this month. Wheat use is slightly up, as are global ending stocks. World wheat trade is projected to be larger, but U.S. wheat exports face tough competition and are projected to be lower.
Source: Wheat Outlook