Projected 2016/17 U.S. ending stocks are raised 5 million bushels to 1,143 million on a reduction in food use. The food use change reflects the latest NASS Flour Milling Products report and expectations for the remainder of the market year.
By class, Hard Red Winter (HRW) use is raised 10 million bushels, Hard Red Spring (HRS) is lowered 10 million, and Durum is lowered 5 million. Total exports are unchanged at 975 million bushels with 5-million-bushel increases for both HRW and HRS offsetting 5-million-bushel decreases for both Soft Red Winter and Durum. The season-average farm price is unchanged.
Global wheat supplies for 2016/17 are raised 1.7 million tons on a 0.3-million-ton production increase and higher beginning stocks. The largest beginning stocks change is for Ukraine on expectations of lower food use more than offsetting higher feeding.
Global 2016/17 exports are lowered 0.5 million tons primarily on reduced Canadian exports as unfavorable precipitation at harvest damaged crop quality. Global use for 2016/17 is raised 0.8 million tons led by increases in feed use for Ukraine, Canada, and Russia but partially offset by reduced food use in Ukraine.
As global supplies are rising faster than use, ending stocks are raised 0.9 million tons and remain record large.