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USDA March World Ag Supply and Demand Estimates Report(Wheat stock-to-use lowest since 46/47)
USDA/Cornell Univ ^ | 03/11/08



WASDE-456 March 11, 2008

WHEAT: Projected U.S. wheat ending stocks for 2007/08 are lowered 30 million bushels this month on higher projected food use and exports. Food use is raised 5 million bushels based on the latest mill grind data from the U.S. Bureau of Census. Hard red spring wheat food use is increased on indications that discounts for spring wheat relative to winter during the first half of the marketing year encouraged heavier use. Exports are raised 25 million bushels based on the pace of export sales and shipments and on continued export restrictions by major competitor countries. Despite record prices, export commitments for U.S. wheat continue to accumulate raising prospects for higher exports of hard red winter, hard red spring, and durum wheat than projected last month. Ending stocks are projected at 242 million bushels with stocks-to-use dropping to 10 percent, the lowest since 1946/47. The projected range for the season-average farm price is narrowed 5 cents on each end to $6.50 to $6.80 per bushel.


(Excerpt) Read more at usda.mannlib.cornell.edu ...
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