U.S. 2015/16 wheat exports are lowered 25-million-bushels this month to 775 million. U.S. exports are lowered on increased international competition, especially from Canada. This export total is the lowest since 1971/72. U.S. wheat ending stocks are raised 25 million bushels and are the largest since 2009/10.
Global wheat supplies for 2015/16 are raised 2.1 million tons primarily on increased beginning stocks and slightly larger production. The largest change to beginning stocks is a 2.0-million-ton increase for China, which is raised on a multi-year revision in total use. World beginning stocks are raised 1.7 million tons. World wheat production remains record high and is raised 0.4 million tons led by a 0.5-million-ton increase for Argentina and a 0.3-million-ton increase for Ukraine. Kazakhstan is lowered 0.3 million tons. Foreign trade is raised 2.3 million tons led by a 1.5-million-ton increase for Canada exports on a fast pace to date. Argentina and Turkey exports are each raised 0.5 million tons. Imports are raised 0.5 million tons for Ethiopia on increased needs stemming from the drought, and 0.3 million tons each for China and South Korea.
USDA: Wheat Supplies Up, Export Forecasts Down
World wheat consumption for 2015/16 is lowered 4.7 million tons led by a 4.0-million-ton decrease for China as government policies reduce the food and feed uses of wheat in favor of other grains. India consumption is lowered 2.9 million tons on government stocks data that was larger than expected. With wheat supplies increasing and total usage decreasing, global ending stocks are raised 6.8 million tons to a record 238.9 million tons. Increased demand for wheat in Ethiopia and South Korea pales in comparison to the increased production of Canada and Argentina, causing U.S. wheat exports to drop.