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WASDE reports wheat down, feed up

Wheat U.S. wheat supplies for 2014 to '15 are projected to decrease 10 percent from 2013 to '14 with beginning stocks, production and imports all expected lower. Supplies for the new marketing year are projected to be the lowest since 2007 to '08...

Wheat

U.S. wheat supplies for 2014 to '15 are projected to decrease 10 percent from 2013 to '14 with beginning stocks, production and imports all expected lower. Supplies for the new marketing year are projected to be the lowest since 2007 to '08. Production is projected at 1,963 million bushels, down 8 percent from last year. The all-wheat yield is projected at 42.7 bushels per acre, down 4.5 bushels from the 2013 to '14 record. The survey-based forecast for 2014 to '15 all winter wheat production is down 9 percent on the year, with the harvested-to-planted ratio just above last year's 11-year low and the yield forecast at its lowest level since 2007 to '08. Most of the decline year-to-year in winter wheat reflects lower area and yields for soft red winter wheat. This year's lower hard red winter wheat yield forecast is offset by higher harvested area, leaving hard red spring production just above last year's very low level.

Corn

U.S. feed grain supplies for 2014 to '15 are projected at a record 403.3 million tons, up 2 percent from 2013 to '14 mostly on larger corn beginning stocks. Corn production is projected at 13.9 billion bushels, up slightly from the 2013 to '14 record with higher expected yields more than offsetting the year-to-year reduction in planted area. The corn yield is projected at 165.3 bushels per acre, up 6.5 bushels from 2013 to '14, based on a weather adjusted yield trend model and assuming normal mid-May planting progress and summer weather. Corn supplies for 2014 to '15 are projected at a record 15.1 billion bushels, up 330 million from 2013 to '14.

U.S. corn use for 2014 to '15 is projected 2 percent lower than in 2013 to '14. Feed and residual use is projected 50 million bushels lower with animal numbers down from 2013 to '14. Exports are projected 200 million bushels lower than this month's higher projection for 2013 to '14 as larger expected foreign supplies and lower import demand limit U.S. shipments. Corn used to produce ethanol in 2014 to '15 is expected to be unchanged on the year, with gasoline consumption expected to remain flat in 2015.

Related Topics: CROPSMARKETS
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