WHEAT: Feed and residual use for 2015/16 is lowered 30 million bushels reflecting disappearance for June-November as indicated by the December 1 stocks released in the Grain Stocks report. Seed use is lowered 6 million bushels on the winter wheat planted area reported today in the Winter Wheat Seedings report. U.S. supplies for 2015/16 are lowered 6 million bushels on reduced imports and slightly lower beginning stocks. Projected 2015/16 ending stocks are raised 30 million bushels. The 2015/16 season average farm price range is narrowed 10 cents on both the high and low ends to $4.90 to $5.10 per bushel.
Global wheat supplies for 2015/16 are raised 1.2 million tons on both increased beginning stocks and production. World wheat production remains record high and is raised 0.5 million tons led by 0.5-million-ton increases for both Russia and Pakistan and a 0.3-million-ton increase for the EU. Partly offsetting is a 0.7-million-ton reduction for Uruguay and a 0.4-million-ton reduction for Brazil; both reductions are on updated government statistics and reflect crop damage from excessive rain. World wheat trade for 2015/16 is down fractionally with several, mostly offsetting, changes. Global use is reduced, mostly in the United States. With supplies increasing and use reduced, ending stocks are raised 2.2 million tons to a record 232.0 million tons. This total is 9 percent larger than the previous stocks record set last year.