World Wheat Outlook

World Wheat Outlook

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.?
USDA Chief Economist Joe Glauber recaps more of the main points from this month's world wheat production.

Glauber: “Brought the world wheat number down to 653 million tons some of that reflects some further reductions in wheat production else where. So overall down about a percent from where we where last month on world wheat.”?

Glauber shares U.S. supply and demand estimates. 

Glauber: “The overall picture on the U.S. balance sheet the main thing that changed really reflects a quarterly stock numbers that we saw. The quarterly stock numbers implied some very large first quarter feed use and as a consequence we’ve moved feed in a residual category up to 315 million bushels and that is up 43 percent or so from what we were carrying before.”

Domestic winter wheat production was down 37.5 million bushels from September because of lower yields and reduced harvested area. Spring wheat production was up 38.4 million bushels from September because of higher yields and larger harvested area.
Glauber continues with export numbers.

Glauber: “Export numbers took that down a little bit again reflecting some of the competition that we’ve seen from last year’s crop from Southern Hemisphere crop, which of course is still being marketed right now. Our exports projecting those at 1.15 million bushels and the net results on ending stocks at 654 million bushels that is down a little bit from what we were carrying last month. We did make some minor adjustments to the wheat price at $8.10 that is down a little bit from what we were carrying last month.”?
I’m KayDee Gilkey with the Northwest Farm and Ranch Report on the Ag Information Network.