USDA lowers wheat stocks estimates
Farm and Ranch November 12, 2010 In its supply and demand report for wheat issued earlier this week the USDA made some minor changes to the numbers. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota didn’t see them as significant. Hoops: “Ending stocks, 848 million bushels. Only down five from last month. Exports left unchanged. They were justified in doing that as we are on pace to meet this USDA forecast and there is no reason to significantly change it.” Although U.S wheat exports were not changed overall there were modifications among classes. White wheat exports were unchanged but exports for hard red winter and hard red spring wheat were increased and soft red winter was decreased. USDA said heavy early season marketings and forward sales limit upside potential for the season average farm price for wheat. It narrowed its price projection for the marketing year five cents on each end of the range to $5.25 to $5.75. On the world wheat scene USDA raised its estimate of Australian wheat production one million metric tons from last month saying rising yield prospects in eastern growing areas more than offset reductions from extended dryness in Western Australia. USDA however left its projection for Australian wheat exports unchanged. Global ending stocks for wheat were reduced just over two million metric tons to 174 million. That compares to 195 million last marketing year. I’m Bob Hoff and that’s the Northwest Farm and Ranch Report on Northwest Aginfo Net. ? ?
