July 14, 2008


USDA raises US wheat prospects


The USDA raised its forecast Friday for 2008-09 US wheat production after new surveys showed strong winter and spring wheat harvests.


A winter wheat production forecast was raised by 3 percent from last month to 1.86 billion bushels, while surveys show durum and other spring wheat production would yield strong increases from last year.


The new July forecast for all US wheat production is 2.461 billion bushels, up from the June forecast of 2.432 billion bushels, according to the USDA's monthly supply and demand report. The ending stocks forecast was raised to 537 million bushels, up from the 487 million predicted a month ago.


Durum wheat production this year is forecast at 89.9 million bushels, a 25-percent increase from last year. Other spring wheat production is forecast at 507 million bushels in 2008, a 6-percent increase from 2007 production.

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