USDA Reports.
U.S. wheat supplies for 2014/15 are decreased 10 million bushels based on updated production estimates for the States resurveyed following the September 30 Small Grains report. Adjustments to production in these States, where significant acreage remained unharvested in early September, lowers production estimates for Hard Red Spring (HRS) wheat and durum. The change results in corresponding decreases in ending stocks. The projected range for the 2014/15 season-average farm price is narrowed 10 cents on both the high and low end to $5.65 to $6.15 per bushel.
Wheat output is projected lower for Australia, Egypt, and Kazakhstan, which is partly offset by higher European Union production. World wheat trade is projected lower with a reduction in Australian, Kazakh, and Serbian exports. U.S. exports are unchanged.
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Source: USDA