02/12/07 Few changes in S&D report

Farm and Ranch 12, 2007 U.S. wheat supply, use and stock projections for 2006-2007 were left unchanged in a USDA report issued Friday. There were no changes within wheat classes either. The department's projection for the season average farm price of wheat was lowered 15 cents on the top end of the range from last month and increased a nickel on the low end. USDA chief economist Keith Collins says it's still a strong price. Collins: "Wheat price forecast for the 2006-2007 crop year of $4.25 a bushel is way above the previous year's price of $3.42." USDA did peg global wheat production 1.3 million tons higher this month due to upward adjustments in FSU-12 that more than offset reductions in the EU-25. Global consumption was increased as well so the net effect was a decline in world wheat ending stocks of one million tons. At 120.8 million tons the world wheat ending stocks are the second lowest. USDA's projection for world corn stocks are the lowest since 1980. The department made no changes to U.S. supply, use, or stocks for corn, barley or oats. The estimate of corn use for ethanol was also unchanged at 2.15 billion bushels. The season average corn price was unchanged at three-dollars 20-cents a bushel, however the season average barley price forecast was lowered to two-dollars 85-cents a bushel. USDA says that was to reflect prices producers have received to date. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network