USDA Breaks Down Wheat Balance Sheet

Unlike most crops this month, USDA has little production information to go by in looking at the domestic balance sheet, so World Outlook Board Chair, Mark Jekanowski, says the focus is on the demand side of  of the ledger.

"We pulled back our import forecast by 10 million bushels. Reflecting what we're seeing the data pace to date. Didn't change our export forecast overall. And very small change in food use."

Leading to a tightening of ending stocks, as well as, "bring's ending stock leveled out to an eight year low."

The season's ending price for wheat was also lowered from the previous month to $6.60 a bushel.

"We reduced our price forecast ten cents a bushel just reflecting data that we're seeing," Jekanowski noted. "Data reported by NASS and the marketings to date. And there has been a little bit of softness in prices over the last several weeks, So that's reflected in this lower market price as well."

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekmedia.com