Wheat Outlook Dec 2010


U.S. wheat ending stocks for 2010/11 are projected 5 million bushels lower this month as
downward production revisions of 11 million bushels for hard red spring (HRS) wheat
and 4 million bushels for durum more than offset higher projected imports. Imports are
raised 10 million bushels with increases for soft red winter (SRW) wheat and durum.
Exports are unchanged, but shifts among classes result in higher projected exports of
hard red winter and HRS wheat and reductions for SRW and durum. The projected
season-average price received by producers is narrowed 5 cents on each end of the range
to $5.25 to $5.75 per bushel. Heavy early season marketings and forward sales limit
upside potential for the season-average farm price.
World wheat production for 2010/11 is projected up 1.5 million tons this month to 642.9
million, with the largest increases being for Argentina and Australia. Global wheat
consumption is projected 2.5 million tons higher this month. With supplies of wheat up
just slightly, world wheat 2010/11 ending stocks are projected down 2.2 million tons to
172.5 million. The projected world stocks-to-use ratio is down this month to just under
26 percent, which is still much higher than in 2006/07-2007/08 when the ratio fell below
20 percent.

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Wheat Outlook Dec 2010654.38 KB
Date and language
Dec 2010
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FPMU Documentation Center

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