WHEAT:
Projected U.S. wheat supplies for 2015/16 are raised 58 million bushels
this month on larger beginning stocks and production. A
10-million-bushel decrease in imports is partially offsetting.
Production is raised on increased spring wheat production that more than
offsets decreases for Hard Red Winter, Soft Red Winter, and White
Wheat. Overall yields for spring wheat are forecast above average. Feed
and residual use for all wheat in 2015/16 is raised 5 million bushels to
200 million on the larger crop. All wheat exports for 2015/16 are
raised 25 million bushels to 950 million on increased U.S. supplies and
reduced wheat production in Canada.
These
exports would be up 11 percent from the low level of 2014/15, but still
well below the 5-year average. Ending stocks are raised 28 million
bushels to 842 million, the largest since the 2010/11. Despite higher
stocks, the season-average price is raised 35 cents to $4.75 to $5.75
per bushel on recently higher cash and futures prices and the rising
outlook for corn prices, particularly in the summer months when a
majority of this year’s wheat crop will be marketed. Global wheat
supplies for 2015/16 are raised 12.1 million tons primarily on increased
beginning stocks. (more)
Please share this article
No comments:
Post a Comment