WHEAT: Projected U.S. ending stocks for 2016/17 are raised 3 8 million bushels as reduced supplies are more than offset by lower projected use. Production for 2016/17 is lowered 11 million bushels based on the latest estimate from the NASS September 30 Small Grains Annual Summary. Feed and residual use is reduced 70 million bushels to 260 million reflecting the September 1 stocks that indicated lower-than-expected June-August isappearance. Exports are raised 25 million bushels on increased competitiveness of U.S. wheat particularly in North Africa where the EU has lost some market shar because of lower roduction and quality problems The mar eting year average price received by producers is raised $0.10 per bushel at the midpoint to range of $3.50 to $3 .90 on higher-than-e xpected NASS price s to date.
Global wheat supplies for 2016/17 are lowered 1.6 million tons on a 0.4-milion-ton roduction decrease and lower beginning stocks. A 2.0-million-ton production decline for the EU is partially offset by a 1.0-million-ton increase for Canada and a 0.8-million-ton increase for Australia. The Aus tralia increase is attributed to continued excellent growing conditions, and yields are projected to be record high. Global exports are rised 1.9 m illion tons led by a 1.0-million-ton increase for Australia, a 0.7-million-ton increase for the United States, and 0.5-million-ton increases each for Canada and Ukraine. Global export gains are partially offset by a 1.0-million ton decrease for the EU on the projected supply reduction. Global use for 2016/17 is down 1.0 million tons led by reductions in feed use for the United States and the EU. With total supplies declining more than use, world ending stocks are reduced 0.7 million tons but remain record large.