Projected U.S. wheat ending stocks for 2014/15 are reduced 1 million bushels with an increase in expected seed use. The seed use change is based on the 2015 planted area projection released at USDA’s February Agricultural Outlook Forum. The projected season average farm price range is narrowed 5 cents on both the high and low ends to $5.90 to $6.10 per bushel.
This month’s changes to the world wheat balance for 2014/15 are small, highlighting a slight reduction in production, consumption and ending stocks. Although world wheat tradeis also unchanged as a total, the final number incorporates a number of offsetting changes on both the export and import side. U.S. wheat export projections are left unchanged this month.
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Source: USDA