So our wheat being shipped to the USA is now going to be over 10 million bushels and I think will be much higher once the dust settles.
Low prices at home while Global wheat production lowered by 1.1 million bushels.
Part of the USDA report here
WHEAT: U.S. wheat ending stocks for 2013/14 are projected 50 million bushels lower as
higher expected food use and exports more than offset an increase in projected imports.
Imports are raised 10 million bushels as railroad backlogs and other logistical problems slow
Canadian wheat shipments to Pacific Coast terminals and encourage additional shipments of
Hard Red Spring (HRS) wheat into the U.S. market. Projected food use is increased 10 million
bushels based on the latest flour production data reported by the North American Millers’
Association. Food use increases are projected for Hard Red Winter and HRS wheat. Exports
are projected 50 million bushels higher as reduced competition from Argentina and strong
sales and shipments further boost prospects for U.S. wheat in world trade. A reduction in
expected exports from Australia during the July-June world trade year also raises prospects for
2013/14 U.S. shipments. Exports are projected higher for all classes except Durum. The
season-average farm price for all wheat is narrowed 5 cents on both ends of the projected
range to $6.65 to $6.95 per bushel.
Global 2013/14 wheat supplies are lowered 1.1 million tons with lower beginning stocks for
Argentina and Russia and a 0.8-million-ton reduction in world production. Small reductions in
2012/13 production for Argentina and imports for Russia reduce world carryin supplies for
2013/14. Kazakhstan production for 2013/14 is lowered 1.6 million tons based on the latest
official estimates which raised harvested area, but lowered the yield sharply from indications
based on earlier harvest reports. Production for Algeria is lowered 0.3 million tons based on
the latest official data. Partly offsetting these reductions is a 0.6-million-ton increase for Brazil
where better-than-expected yields in southern wheat areas more than offset earlier freeze
damage farther north. Ukraine production is also raised, up 0.3 million tons, on final
government estimates.
The whole report
http://usda01.library.cornell.edu/usda/current/wasde/wasde-02-10-2014.pdf
Low prices at home while Global wheat production lowered by 1.1 million bushels.
Part of the USDA report here
WHEAT: U.S. wheat ending stocks for 2013/14 are projected 50 million bushels lower as
higher expected food use and exports more than offset an increase in projected imports.
Imports are raised 10 million bushels as railroad backlogs and other logistical problems slow
Canadian wheat shipments to Pacific Coast terminals and encourage additional shipments of
Hard Red Spring (HRS) wheat into the U.S. market. Projected food use is increased 10 million
bushels based on the latest flour production data reported by the North American Millers’
Association. Food use increases are projected for Hard Red Winter and HRS wheat. Exports
are projected 50 million bushels higher as reduced competition from Argentina and strong
sales and shipments further boost prospects for U.S. wheat in world trade. A reduction in
expected exports from Australia during the July-June world trade year also raises prospects for
2013/14 U.S. shipments. Exports are projected higher for all classes except Durum. The
season-average farm price for all wheat is narrowed 5 cents on both ends of the projected
range to $6.65 to $6.95 per bushel.
Global 2013/14 wheat supplies are lowered 1.1 million tons with lower beginning stocks for
Argentina and Russia and a 0.8-million-ton reduction in world production. Small reductions in
2012/13 production for Argentina and imports for Russia reduce world carryin supplies for
2013/14. Kazakhstan production for 2013/14 is lowered 1.6 million tons based on the latest
official estimates which raised harvested area, but lowered the yield sharply from indications
based on earlier harvest reports. Production for Algeria is lowered 0.3 million tons based on
the latest official data. Partly offsetting these reductions is a 0.6-million-ton increase for Brazil
where better-than-expected yields in southern wheat areas more than offset earlier freeze
damage farther north. Ukraine production is also raised, up 0.3 million tons, on final
government estimates.
The whole report
http://usda01.library.cornell.edu/usda/current/wasde/wasde-02-10-2014.pdf