U.S. wheat supply, use, and ending stocks projections for 2010/11 are unchanged this month. While the all-wheat projections are unchanged, several offsetting by-class adjustments are made to exports and domestic use. Exports of hard red winter (HRW) and white wheat are each projected 10 million bushels higher.
Hard red spring (HRS) wheat exports are projected 20 million bushels lower. Domestic use is projected 10 million bushels lower for HRW and 10 million bushel higher for HRS. The marketingyear average price received by producers is projected at $5.60 to $5.80 per bushel, up 10 cents on the lower end of the range. Continued gains in cash and futures prices boost the farm price outlook for the remainder the marketing year.
Global wheat supplies are forecast slightly lower this month, with a small production reduction partly offset by increased beginning stocks. Global wheat use for 2010/11 is virtually unchanged with increased food consumption offset by reduced wheat feeding. World wheat ending stocks for 2010/11 are projected 0.2 million tons lower to 177.8 million tons. World wheat trade in 2010/11 is projected to be down slightly.