World wheat ending stocks for 2013/14 are projected down 8.9 million tons this month to 172.4 million, (while foreign stocks are down 6.6 million to 156.7 million), the lowest in 5 years with the stock-to-use ratio of nearly 25 percent. The largest decline in ending stocks is projected for China, down 4.6 million tons. This change in ending stocks is absorbing a 10-million-ton increase over a 2-year period in feed and residual use, that is only partly offset by higher projected 2013/14 imports. A reduction in stocks is projected for Australia, down 1.0 million tons to 3.0 million, the lowest level since 1998/99, because of sharply increased export expectations. Reduced ending stocks are projected for Canada, down 0.5 million tons to 5.2 million, also with higher projected 2013/14 wheat exports. Higher wheat imports only partly offset the reduced beginning stocks and increased domestic consumption in Pakistan, leading to a 0.8-million-ton reduction in ending stocks.
Small reductions of ending stocks are made for Russia, Syria, and several other countries. Partly offsetting are several small (0.1-0.2 million ton) upward revisions in wheat ending stocks for Brazil, EU (part of the increase is an addition of Croatia), Uruguay, and several other countries with even smaller changes.