Projected U.S. wheat ending stocks for 2012/13 are raised 50 million bushels, reflecting lower prospects for exports again this month.
U.S. exports are projected 45 million bushels lower for hard red winter wheat, 10 million bushels lower for soft red winter wheat, and 5 million bushels lower for hard red spring wheat. White wheat exports are raised 10 million bushels. The projected 2012/13 season-average farm price for all wheat is lowered 10 cents at the midpoint and the range is narrowed to $7.70 to $8.30 per bushel.
U.S. wheat export prospects are reduced further, on increased competitor supplies and the slow pace of sales, whereas world wheat trade and stocks are projected higher this month. World 2012/13 wheat production is raised by 3.7 million ton with increases in China, Australia, and Canada. World wheat ending stocks for 2012/13 are projected higher by 2.8 million tons.