Only world wheat numbers changed in USDA report

Farm and Ranch February 11, 2009 U.S. wheat supply, use, and stocks projections for 2008/09 were unchanged in USDA’s February Supply and Demand report issued Tuesday. The USDA’s season-average price received by producers was projected at $6.70 to $6.90, up 20 cents on the bottom end of the range reflecting continued strength in reported farm prices. Brain Hoops of Midwest Market Solutions in Yankton, South Dakota says USDA did change world wheat numbers. Hoops: “World carryover levels, 149.96 million tons. Just a little larger than the 148.36 we saw last month. So not much change on the wheat side of the equation.� Global 2008/2009 wheat production was nearly unchanged overall from a month ago. Reductions for Argentina and the EU-27 were nearly offset by increases for Russia, Ukraine and Australia. The Australian crop is now pegged at just over 20 million metric tons. The USDA did not make any changes in this month’s U.S. corn balance sheet either. Despite a drop in the world corn production estimate world corn ending stocks were raised slightly due to lower expected global consumption. The USDA raised U.S. barley food, seed and industrial use by 10 million bushels on strong exports of barley malt but ending stocks remained unchanged at 78 million bushels as feed and residual use were lowered a like amount. I’m Bob Hoff and that’s the Northwest Farm and Ranch Report on the Northwest Ag Information Network.