Wheat
U.S. wheat ending stocks for 2013 to '14 are projected 25 million bushels higher, with lower imports more than offset by a reduction in feed and residual use. Imports are projected 5 million bushels lower based on available shipment data. Feed and residual use is projected 30 million bushels lower based on disappearance during the December to February and September to November quarters. Projected feed and residual use is down 10 million bushels each for hard red winter, hard red spring and white wheat. The all- wheat export projection is unchanged, but small by-class adjustments are made to exports, as well as imports. The projected season-average farm price for all wheat is unchanged at $6.75 to $6.95 per bushel.
Corn, barley and oats
U.S. feed grain ending stocks for 2013 to '14 are projected lower this month with reductions for corn, barley and oats. A 125-million-bushel increase in projected corn exports reduces corn ending stocks by the same amount. Continued strong export sales and a rising weekly shipment pace for U.S. corn during March support the higher expected export level, as does an increase in projected global corn demand. U.S. barley ending stocks for 2013 to '14 are projected 7 million bushels lower, with projected imports down and projected exports up based on the pace of shipments to date. Oats ending stocks are projected 10 million bushels lower, with feed and residual use up 10 million bushels on higher-than-expected December to February disappearance, as indicated by the March 1 stocks.
Soybeans
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U.S. soybean supplies for 2013 to '14 are projected at 3.49 billion bushels, up 30 million on increased imports. Imports are projected at a record 65 million bushels based on trade reported through February and prospective large shipments from South America during the second half of the marketing year. Soybean exports for 2013 to '14 are up 50 million bushels to 1.58 billion, reflecting record year-to-date shipments and large outstanding sales. Soybean crush is down 5 million bushels to 1.685 billion with lower domestic soybean meal consumption, more than offsetting a small increase in projected soybean meal exports.
