WHEAT: T he U.S. 2016/17 all wheat supply and de mand estimates are unchange d from November. The mar keting year average price received by pro ducers is unchanged at the midpoint, b ut the range is narrowed $0.20 per bushel to $3.60 to $3.80.
Global wh at production for 20 16/17 is raised 6.5 m illion tons led by a 4.7-million- ton increase fo r Australia, a 0.9-million-ton in crease for China, and 0.4-milli n-ton increases for both th e EU and razil. Higher area estimated b y ABARE S combined with a USDA ield proje ction that reflects ne ar ideal weather sup port the lar ge Australia production increase. Prior to this change, USDA had already p rojected a record Australia yield. However, the new yi ld is up 1 8 percent from the previous rec ord. Production incr eases for China, he EU, and Brazil are due to updated official data. Global exports are
increased
2.6 million tons. Australia expo rts are raised 3.5 million tons eflecting the large crop. Russia exports are lowered 1.0 million tons due to a slower-than-expected ace. Total consump tion is rais ed 3.3 million tons w ith higher food and feed and residual se. With supplies growing faster than u e, ending stocks ar raised 2.9 million to ns and
remain record large.