All wheat plantings for 2013 in the National Agricultural Statistics Service (NASS) March 28 Prospective Plantings report are estimated at 56.4 million acres, up 1 percent above last year’s seedings.
U.S. wheat ending stocks for 2012/13 are projected 15 million bushels higher this month, with a small increase in seed use more than offset by lower expected feed and residual disappearance. Seed use for 2012/13 is raised slightly based on producer planting intentions for 2013/14 as reported in the March 28 Prospective Plantings.
Feed and residual use for 2012/13 is projected 15 million bushels lower reflecting lower than expected disappearance during the December-February quarter as indicated by the March 1 stocks. Feed and residual use is projected lower for hard red winter (HRW) and hard red spring wheat, but declines are partly offset by higher expected feed and residual use for soft red winter and white wheat.
All-wheat imports are unchanged, but a small increase in HRW wheat is offset by a decline in durum. The projected range for the wheat season-average farm price is narrowed 5 cents on both ends to $7.70 to $7.90 per bushel. World wheat supplies for 2012/13 are up this month with unchanged production and increased beginning stocks.
Projected wheat use is reduced, raising ending stocks. World wheat trade for the July-June trade year is up 1.6 million tons this month, with increased exports from the European Union, Ukraine, and Russia. U.S. wheat exports are unchanged.
Source: Wheat Outlook