According to the USDA's latest Wheat Outlook report, U.S. wheat ending stocks for 2011/2012 are projected 20 million bushels lower this month as lower food use is more than offset by higher exports. Projected food use is lowered 5 million bushels reflecting the latest flour production data reported by the North American Millers’ Association.

Exports are projected 25 million bushels higher based on shipments and sales to date. Projected exports of hard red spring and white wheat are each raised 10 million bushels. Projected durum exports are raised 5 million bushels. Prices received by producers for the 2011/12 marketing year are projected at $7.15 to $7.45 per bushel, unchanged from last month.

U.S. wheat exports are up by 1.0 million tons this month to 26.5 million, as the pace of exports and sales has increased in recent months. World wheat trade is up 3.0 million tons this month. Wheat exports from Australia, Brazil, Kazakhstan, Turkey and Serbia are boosted. Global ending stocks are down 3.5 million tons mostly due to a 3.5-million-ton reduction in stocks for China. Global wheat production for 2011/12 is projected up 1.1 million tons to 694.0 million tons, with an upward revision for Australia.