WHEAT: U.S. wheat endings stocks for 2015/16 are projected 10 million bushels higher on reduced feed and residual use. At 976 million bushels, these would be the largest ending stocks since 1987. The reduced feed and residual use reflects lower disappearance during the December-February and September-November quarters as indicated by March 1 stocks and revised December 1 stocks, both from the March 31 Grain Stocks report. The projected season-average farm price is lowered $0.10 on the high end to $4.90 to $5.00.
Global 2015/16 wheat supplies are raised 1.0 million tons primarily on increased production, which is a record 733.1 million tons. EU production is raised 1.5 million tons to a record 160.0 million, and Argentina is raised 0.3 million tons to 11.3 million, both on updated government data. Partially offsetting are a 0.6-million-ton reduction for Ethiopia, and a 0.4-million-ton reduction for Pakistan. World exports are raised 0.4 million tons to 163.1 million. World wheat consumption for 2015/16 is lowered 0.7 million tons on both reduced feed and food use. With supplies rising and use declining, global ending stocks are raised 1.7 million tons to 239.3 million, and remain record large.