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U.S. Feed and Residual Use Lowered, Raising 2013/14 Ending Stocks

U.S. wheat ending stocks for 2013/14 are projected 25 million bushels higher this month with lower imports more than offset by a reduction in feed and residual use. Imports are projected 5 million bushels lower, based on available shipment data. Feed and residual use is projected 30 million bushels lower, based on disappearance during the December- February and September-November quarters as indicated by the March 1 stocks and revisions to the December 1 stocks, both from the March 31 Grain Stocks report. Projected feed and residual use is lowered 10 million bushels each for hard red winter, hard red spring, and white wheat. The all wheat export projection is unchanged, but small by-class adjustments are made to exports as well as imports. The projected season-average farm price for all wheat is unchanged at $6.75 to $6.95 per bushel.

World wheat carryout for 2013/14 is raised this month. Slightly higher wheat supplies and lower feed and residual consumption (mainly Chinese) leave projected world ending stocks up 2.9 million tons. Wheat export prospects are trimmed for Australia, Canada, India, and Ukraine, but increased for Kazakhstan. Small adjustments are made to U.S. imports for the July-June trade year and the June-May local marketing year.

Source: USDA


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