U.S. wheat carryover on June 1, 2013, was projected at 691 million bushels, down 25 million bushels, or 3%, from 716 million bushels as the January projection due to a projected 25-million-bushel increase in feed and residual use, the U.S. Department of Agriculture (USDA) said in its World Agricultural Supply and Demand Estimates.
Feed and residual use is projected 25 million bushels higher as weaker cash prices relative to corn support opportunities for increased wheat use in livestock and poultry rations.
The USDA 2013 wheat carryover was below the average expected by the trade that was near 728 million bushels. Wheat futures prices traded higher in Chicago, Kansas City and Minneapolis immediately after the report but later turned mixed.
Except for the increase in feed and residual use and the corresponding decrease in ending stocks, USDA numbers for “all wheat” were unchanged from the January WASDE.
U.S. all wheat production was estimated at 2.269 billion bushels in 2012, unchanged from January and up 270 million bushels, or 14%, from 1.999 billion bushels in 2012. Imports were unchanged from January at 130 million bushels but up 18 million bushels from 2011-12. Total wheat supply was projected at 3.142 billion bushels for 2012-13, unchanged from January but up 168 million bushels, or 6%, from 2.974 billion bushels in 2011-12.
To view the entire report click on the link: http://usda01.library.cornell.edu/usda/current/wasde/wasde-02-08-2013.pdf
