Global wheat production and use forecasts are increased slightly. World wheat trade is up 2.9 million tons this month, and 4.6 million tons ahead of the 2011/12 record. The European Union wheat exports continue to set records while even less wheat is used for animal feed— the lowest EU wheat feeding since 1995/96. Russian exports are also projected higher. U.S. wheat exports are unchanged.
There are no changes to the 203/14 U.S. all wheat supply and use projections this month. A 15-million-bushel increase in projected hard red spring wheat exports is offset by a decrease for soft red winter wheat, with both changes reflecting the pace of sales and shipments. Projected ending stocks for both classes are adjusted accordingly. The projected season-average farm price for all wheat is raised 10 cents on the bottom end of the range to $6.75 to $6.95 per bushel based on recent strength in prices.