U.S. wheat ending stocks of 966 million bushels are the largest since 2009-10 and well above the average trade estimate of 947 million bushels.
USDA dropped hard red spring wheat exports to 255 million bushels, down from last year’s 270 million bushels. The carryout for hard red spring wheat was raised 10 million bushels to 278 million bushels, which is 31 percent larger than last year.
“We have had back-to-back bumper crops, and there is strong export competition from Canada, so we are building hard red spring wheat stocks substantially,” Basting said.
USDA also lowered its export forecast for hard red winter wheat by 5 million bushels. Carryout was increased by 4 million bushels to 429 million bushels, up 46 percent from last year’s 294 million bushels.
“There is exceptionally strong competition from the Black Sea region for hard red winter wheat,” said Basting.
USDA increased global ending stocks of all wheat by 6.8 million tons to a record-large 238.9 million tons, well above the average trade estimate of 231.48 million metric tons and the previous estimate of 232.04 million metric tons.