WASDE: Wheat, corn upProjected U.S. wheat supplies for 2014 to '15 are up, with an increase in forecast hard red winter wheat production as well as smaller increases for soft red winter, hard red spring and durum.
Projected U.S. wheat supplies for 2014 to '15 are up, with an increase in forecast hard red winter wheat production as well as smaller increases for soft red winter, hard red spring and durum.
Feed and residual use for all wheat in 2014 to '15 is up 10 million bushels to 155 million because of the larger supplies. All wheat exports for 2014 to '15 are up 25 million bushels because of the larger hard red wheat crop. The projected season-average farm price range is down 30 cents at the midpoint to $5.80 to $6.80 per bushel.
World wheat production for 2014 to '15 is up 10.9 million tons to a record 716.1 million. The largest foreign increases are 6 million tons for Russia, 2 million tons for China, and 1 million tons for Ukraine. The Russia and Ukraine increases are based on harvest reports that indicate very high winter wheat yields, especially for Russia. The China increase reflects the latest government estimates for summer harvested grains.
Projected 2014 to '15 U.S. feed grain supplies are up with higher production forecasts for corn, sorghum, barley and oats. Corn production for 2014 to '15 is forecast 172 million bushels higher at a record 14,032 million bushels.
The first survey-based corn yield forecast, at a record 167.4 bushels per acre, is up 2.1 bushels from previous trend-based projection. Sorghum production is forecast 19 million bushels higher, with the forecast yield three bushels per acre higher than last month’s projection. Small yield increases also boost barley and oats production slightly.
Corn supplies for 2014 to '15 are projected at a record 15,243 million bushels with the increase in production partly offset by a 65-million-bushel reduction in beginning stocks. Corn use for ethanol and exports are up 45 million bushels and 20 million bushels, respectively, for 2013 to '14, based on reported data to date.
Projected corn use for 2014 to '15 is higher with use for ethanol and exports each up 25 million bushels, and feed and residual disappearance 50 million bushels higher with the larger crop. Projected ending stocks for 2014 to '15 are up slightly to 1,808 million bushels. The projected season-average farm price for corn is down 10 cents at both ends of the range to $3.55 to $4.25 per bushel.