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WASDE: Wheat Exports Up, Grains Predicted Lower

10 February 2012

GLOBAL - US wheat exports are raised supported by the stronger-than-expected pace of sales and shipments, according to the World Agricultural Supply and Demand Estimates.

US wheat ending stocks for 2011/12 are projected lower this month. Exports are raised 25 million bushels supported by the stronger-than-expected pace of sales and shipments, particularly for competitively priced feed-quality wheat.

Coarse Grains

US feed grain ending stocks for 2011/12 are projected lower this month as increases in corn and oats imports are more than offset by higher expected corn exports. Projected corn and oats imports are raised 5 and 10 million bushels, respectively, based on the strong pace of shipments during the most recently reported September-November quarter.

Rice

No changes are made on the supply side of the US 2011/12 rice supply and use balance sheet. On the use side, the export forecast is lowered 1 million cwt from a month ago to 89 million—all in long-grain. The rough rice export projection is lowered 1 million cwt to 32 million, while forecast combined milled- and brown-rice exports are unchanged at 57 million.

Oilseeds

US soybean supply and use projections for 2011/12 are unchanged this month, leaving ending stocks at 275 million bushels. Soybean exports are projected at 1.275 billion bushels, down 226 million from last year.

Global oilseed production for 2011/12 is projected at 452.5 million tons, down 4.9 million tons from last month. Brazil soybean production is forecast at 72 million tons, down 2 million due to lower projected yields.

Cotton

The 2011/12 US cotton estimates reflect marginally lower domestic mill use compared with last month. With no change in the production estimate, the total cotton supply is unchanged.

The 2011/12 world cotton estimates include sharply higher supplies, due to higher beginning stocks and production. Beginning stocks are raised 1.6 million bales, mainly reflecting increased estimates for India’s production in 2009/10 and 2010/11 by the India Cotton Advisory Board.

Further Reading

- You can view the full WASDE report by clicking here.

February 2012

TheCropSite News Desk



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