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WASDE Wheat Stocks Higher

December 10, 2010


WHEAT: U.S. wheat ending stocks for 2010/11 are projected 10 million bushels higher this

month reflecting lower domestic use. Projected food use is lowered 10 million bushels on the

latest mill-grind data from the U.S. Census Bureau which indicate flour extraction rates that are

higher than the long-term average for a third straight year. With historically high wheat prices,

millers continue to get more flour out of each bushel of wheat. Total exports are unchanged,

but small shifts among classes result in higher projected exports of Hard Red Spring and White

wheat and lower projected exports of Hard Red Winter wheat and durum. The projected

marketing-year average price received by producers is narrowed 5 cents on each end of the

range to $5.30 to $5.70 per bushel.

Global 2010/11 wheat supplies are projected 4.9 million tons higher this month reflecting an

increase in EU-27 beginnings stocks with lower 2009/10 feed use and higher 2010/11

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