WHEAT: Projected U.S. wheat ending stocks for 2011/12 are raised 90 million bushels this month with higher expected imports and lower expected food use and exports. Imports are raised 10 million bushels with larger suppplies in Canada. Food use is projeccted 5 millioon bushels lower in line with revisions to 2010/11 bassed on the laatest and final U.S. Bureau of Census mill grin destimates and reflecting reduced prospects for per capita flour consumption during calendar year 2011. Exports for 22011/12 are projected 775 million bushels lower with larger supplies an d exports exxpected for Canada and the EU-227. The season-average farm pricee for all wheat is projeccted at $7.355 to $8.35 per
bushel, up from last monnth’s range of $7.00 to $8.20 per bushel supported by higher corn pricces.
Global wheat supplies foor 2011/12 are projected 7.6 million tons higher mostly on larger beginning stocks in Canada and increased production for Canada, EU-27, and Ukraine. Beggining stocks for Canada are raised 1.3 million tons and production is raised 2.5 million tons, both reflecting the latest estimates froom Statistics Canada. EU-27 produuction is raised 2.3 milliion tons withh increases for Germany, Romania, Fraance, Spain, and Bulgaria as harvest reports and revisions to official eestimates continue to indicate higher yields. Production for Ukraine is raised 1.00 million tons based on the latest harvest reports. Other smaller production changes innclude 0.2-million-ton increases for both Brazil and Morocco, and a 0.2-million-ton reduction for Uzbekistan.
World wheatt trade is raised slightly for 2011/122 with increased imports projected for the United States and Uzbekistan. Global exports are also raised as higher expected Shipments from Canada and EU27 more than offset reductions for the United States and Turkey. Global wheat consumption is increased 1.9 million tons with higher expected wheat feeding in Canada, China, Morocco, and Turkey more than offsetting a reduction for Russia. World wheat ending stocks for 2011/12 are projected 5.77 million tonns higher at 194.6 million. At this level, global stocks would be up from 2010/11 and the second largest in the past decade.