Agricultural News
Wheat Ending Stocks Now Projected at a Billion Bushels
Wed, 10 Mar 2010 11:53:12 CST
The latest Supply Demand numbers from the US Department of Agriculture were released on Wednesday morning- and wheat supplies have now crossed a key psychological barrier of one billion bushels. Corn supplies were slightly less than a month ago in today's report, while soybean stocks were reported as being a little tighter than a month ago.
According to the report, U.S. wheat ending stocks for 2009/10 are projected 20 million bushels higher as a reduction in expected food use pushes ending stocks to 1 billion bushels. Projected food use is lowered 20 million bushels based on the latest mill grind data from the U.S. Bureau of Census. High flour extraction rates for a second straight year are reducing the amount of grain needed to produce flour. At the same time, declining per capita consumption is reducing demand for flour and wheat. Exports of all wheat are unchanged, but hard red winter wheat exports are raised 10 million bushels with an offsetting reduction for white wheat.
On the feed grains- U.S. feed grain supplies for 2009/10 are projected slightly lower with a downward revision in estimated corn production and a reduction in projected barley imports. Corn production is lowered 20 million bushels based on updated estimates of yields for Illinois and Minnesota, and harvested area for Michigan. U.S. corn production remains a record at the revised estimate of 13.1 billion bushels. U.S. corn exports are lowered 100 million bushels as larger foreign supplies increase competition. U.S. corn ending stocks for 2009/10 are projected 80 million bushels higher with the downward revision in production more than offset by reduced export prospects.
For soybeans- U.S. soybean ending stocks for 2009/10 are projected at 190 million bushels, down 20 million from last month. Soybean production is estimated at 3.359 billion bushels, down 2 million from the January estimate as reported in the March Crop Production report. Soybean exports are raised 20 million bushels to a record 1.420 billion reflecting the strong export pace to date. Soybean crush is raised 10 million bushels to 1.730 billion based on a lower projected soybean meal extraction rate. Total soybean meal use remains unchanged as higher projected exports are offset by reduced domestic disappearance.
Click here for the full report from the USDA Economic Research Service.
OSU Grain Marketing Economist Dr. Kim Anderson talked with us about the supply demand numbers this morning, as well as marketing strategies for hard red winter wheat producers as we approach the 2010 harvest season.
Click on the Listen Bar to hear our conversation with Dr. Anderson.
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