U.S. 2016/17 wheat exports are raised 50 million bushels to 1,025 million reflecting a strong pace to date. Food use is lowered 3 million bushels to 960 million following the February 1 release of NASS’ Flour Milling Products report. These changes resulted in a net 47- million-bushel reduction in ending stocks, now projected at 1,139 million bushels, which would still be the largest since the late 1980’s. The eason-average farm price is raised $0.05 at the midpoint of the range to $3.85 per bushel on strengthening cash prices.
Global wheat supplies are lowered 4.2 million tons primarily due to sharp reductions in the India and Kazakhstan crops. Indian production is lowered 3.0 million tons to 87.0 million, which is well below the latest government of India estimate. The Kazakhstan crop is reduced 1.5 million tons on updated government statistics. Fo reign exports are lowered 0.4 million tons with reductions for Kazakhstan and Russia more than offsetting increases for Argentina and Ukraine. Total global use for 2 016/17 is raised 0.5 million tons with higher feed and residual use partially offset by a decline in food use. Vietnam and China feed and residual use is raised 1. million to ns and 1.0 million tons, respectively. With global supplies falling and total use increasing, world ending stocks are lowered 4.7 million tons this month.
Source : USDA WASDE