Projected U.S. wheat supplies for 2014/15 are raised this month with a sharp increase in forecast hard red spring (HRS) wheat more than offsetting a decrease for hard red winter (HRW) wheat. The HRW crop was damaged by drought and April freezes in the Southern and Central Plains. However, the HRS crop in the Northern Plains has benefitted from abundant soil moisture and cooler than normal early summer temperatures. Yields for durum and other spring wheat are forecast to be above average. Feed and residual use for all wheat in 2014/15 is lowered 15 million bushels to 145 million as tight supplies of HRW wheat and relatively more attractive prices for feed grains reduce feed and residual use. All wheat exports for 2014/15 are lowered 25 million bushels reflecting expectations of large world supplies and strong competition in export markets. Ending stocks are projected 86 million bushels higher. The projected season-average farm price is lowered 40 cents at the midpoint to $6.00 to $7.20 per bushel.
U.S. wheat exports are projected lower this month, despite higher projected U.S. wheat production. Projected 2014/15 world wheat production increased this month, but foreign wheat supplies are almost unchanged due to reduced beginning stocks. U.S. ending stocks are forecast up more than the decline in foreign ending stocks
Source: USDA