November 15, 2004

USDA Lowers 2004-05 US Wheat Forecasts

The U.S. Department of Agriculture on Friday lowered its forecast for 2004-05 wheat ending stocks in its monthly supply and demand report and cut its production forecast by 6 million bushels.
 
The USDA, in its November report, is predicting wheat ending stocks at 568 million bushels, 1 million less than a month ago. In the October report, the USDA lowered its ending stocks forecast by 9 million bushels.
 
The U.S. wheat production forecast is now set at 2.158 billion bushels, down from 2.164 billion bushels in October.