USDA Reports Minor Changes To Wheat Stocks

When it comes to the domestic balance sheet of wheat stocks, World Outlook Chairman, Mark Jekanowski, said changes were mainly small, but there was a noteworthy pull back in the USDA forecast of ten million bushels.
At this time of year he said the wheat outlook is affected by data such as the March grain stocks report.

"For wheat it suggested higher December stocks than we had been anticipating so maybe a little less wheat feeding than we were carrying on our balance sheets before. So we reduced our wheat feed use by 25 million bushels."

When you take a look at all of those changes, Jekanowski said they all add up.

"Reducing use by about 26 million bushels and reducing supplies by ten million bushels and result is just a small up-tick in our ending stocks estimate but year over year stock are still forecast to be down about 17% from last year."

He noted no changes were made to price forecasts. 

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