April 10, 2009

The USDA lowered its forecast for US wheat ending stocks for the 2008-09 marketing year by 16 million bushels just a month after raising that forecast by 57 million bushels.

 

The new ending stocks forecast is 696 million bushels, up from the March forecast of 712 million bushels. On March 11, the USDA set that 712-million-bushel forecast by raising it from the February forecast of 655 million bushels.

 

The USDA said it was the results of the March 1 Grain Stocks report that changed its mind on U.S. wheat ending stocks.

 

"Feed and residual use is projected 20 million bushels higher as the March 1 stocks indicated higher-than-expected use during the December-February quarter," the USDA said in the April supply and demand report.

 

The new "feed and residual" use forecast released by USDA Thursday (Apr 9) is for 250 million bushels, up from last month's forecast of 230 million bushels.