Projected 2022-23 US wheat ending stocks continued to tick lower but global stocks were raised in a monthly USDA supply-demand update Thursday.
US wheat ending stocks are now estimated at 567 million bu, down only slightly from the government’s December forecast of 571 million but further below the 2021-22 and 2020-21 ending stocks levels of 845 million and 698 million, respectively. Meanwhile, world wheat ending stocks were raised 1.1 million tonnes this month to 268.4 million, although that remains below the previous year’s 276.82 million.
The tightening in US stocks was a mild surprise, with most traders and analysts expecting an upward revision to around 580 million bu. Wheat futures were trading between 2 and 15 cents higher this afternoon.
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