WASDE Wheat: Greater Domestic Use, Reduced Stocks

The outlook for 2018/19 U.S. wheat this month is lower supplies, greater use, and reduced stocks. Wheat production is lowered 4 million bushels to 1,877 million on a slight reduction in winter wheat, durum, and other spring wheat production as indicated by the NASS August Crop Production report.

Projected food use is increased by 5 million bushels to 970 million based on the latest NASS Flour Milling Products report. This would be record food use, surpassing 2017/18, which was also revised higher.

Projected wheat exports are raised 50 million bushels to 1,025 million on substantially lower exportable supplies for the EU and limited additional export capacity of several other major competitors. Projected 2018/19 ending stocks are reduced 50 million bushels to 935 million, down 15 percent from last year.

The projected season-average farm price is up $0.10 per bushel at the midpoint with the range at $4.60 to $5.60.

World 2018/19 wheat supplies are reduced this month by 7.1 million tons, primarily on lower EU production. Continued drought conditions in several northern European countries, most notably Germany, resulted in lower production, down 7.5 million tons to 137.5 million. This would be the lowest EU wheat production since 2012/13. Russia’s wheat production is increased 1.0 million tons to 68.0 million on continued favorable conditions for spring wheat.

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Projected global 2018/19 trade is lower, mainly on reduced EU exports, which are down 4.5 million tons to 23.0 million, the lowest in six years. Russia’s exports are increased 1.0 million tons to 35.0 million; Russia is projected to remain the leading world wheat exporter for the second consecutive year.

Global imports are lowered for several countries with the largest reduction for Algeria. Projected 2018/19 world consumption is 5.1 million tons lower, primarily on reduced feed use in the EU and Russia. Global ending stocks are down 1.9 million tons to 259.0 million, down 5 percent from last year’s record.

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