2012/13 ending wheat stocks up with reduced exports

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Domestic use of wheat for 2012/13 is projected at 1,381 million bushels, unchanged from May but 199 million bushels higher than 2011/12. Food use for 2011/12 is projected at 945 million bushels, unchanged from May, but up 4 million bushels from 2011/12. Projected seed use is unchanged from May. Feed and residual use is projected at 360 million bushels, unchanged from May. As projected, feed and residual use would be up 196 million bushels from 2011/12.

Projected exports for 2012/13, at 1,010 million bushels, are down 15 million bushels from May. Total wheat exports for 2012/13 are expected to be 40 million bushels less than in 2011/12. The class changes this month, based on pace to date, are as follows: durum, up 3 million bushels; HRW and SRW, both down 7 million bushels; HRS, down 3 million bushels; and white, down 1 million bushels.

Projected total U.S. ending stocks for 2012/13, at 746 million bushels, are up from May with the 15 million bushel drop in exports. The 2012/13 ending stocks are up 3 million bushels from 2011/12.

All-wheat ending stocks are projected down less than 1 percent from 2011/12. HRS, durum, and HRW ending stocks are up from 2011/12 by 33 percent, 16 percent, and 10 percent, respectively. SRW and white ending stocks are down from 2011/12 by 35 percent and 26 percent, respectively.

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