USDA raises wheat ending stocks estimate

U.S. 2008-2009 wheat production is forecast at 2.462 billion bushels, up 1 million from last month. Higher hard red winter wheat and soft red winter wheat crops are nearly offset by reductions in the estimates for hard red spring wheat, white wheat, and durum. Feed and residual use was lowered 35 million bushels lower as increased supplies of feed grains and sharply lower projected feed grain prices reduce prospects for domestic wheat feeding. The all wheat season-average farm price was projected at $6.50 to $8.00 per bushel, down 25 cents on each end of the range from last month.

Global 2008-2009 wheat production was projected at a record 670.8 million tonnes, up 6.5 million from last month and 60.2 million higher than last year. Increases for EU-27, India, Russia, Ukraine, and the U.S. were more than offset reductions for Afghanistan and Argentina. Global ending stocks were projected at 136.2 million tonnes, up 3.1 million from last month and the highest since 2005/06.

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