
USDA Releases January Wheat Outlook
A somewhat quiet January outlook on both U.S. and world wheat.
“Global consumption was reduced about 600,000 tons," noted USDA World Agricultural Outlook Board chairman Mark Jekanowski. "Feed use, a component of that, was reduced 100,000 tons. Trade, we reduced 1.7 million. So, when you add up all the changes across the global balance sheet, we end up with a million ton increase in ending stocks this month. But even with that increase, we’re looking at the tightest global ending stocks since 2015-16.”
When it comes to the domestic picture.
“We raised our wheat import forecast five million bushels, reflecting the recent import pace. A small change in wheat seed use, and a small change in ending stocks up three million bushels.”
Jekanowski added the season ending average price forecast dipped a nickel from the previous month to $5.55 a bushel.
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