European and Russian Exports Push Record World Trade Further

Global wheat production and use forecasts are increased slightly. World wheat trade is up 2.9 million tons this month, and 4.6 million tons ahead of the 2011/12 record. The European Union wheat exports continue to set records while even less wheat is used for animal feed— the lowest EU wheat feeding since 1995/96. Russian exports are also projected higher. U.S. wheat exports are unchanged.

There are no changes to the 203/14 U.S. all wheat supply and use projections this month. A 15-million-bushel increase in projected hard red spring wheat exports is offset by a decrease for soft red winter wheat, with both changes reflecting the pace of sales and shipments. Projected ending stocks for both classes are adjusted accordingly. The projected season-average farm price for all wheat is raised 10 cents on the bottom end of the range to $6.75 to $6.95 per bushel based on recent strength in prices.

Source: USDA