The USDAâ€™s Economic Research Service released an updated "Wheat Outlook" recently. Main findings indicate prices at similar levels compared to the previous two years.
Other highlights include:
- Exports are up 15 million bushels.
- Imports are down 5 million bushels.
- Projected U.S. 2005/2006 ending stocks are down 10 million bushels from last year due to differing import/export numbers.
- The projected 2005/2006 price is $3.40/bushel, the same as the last two years.
- All wheat planted is expected to be down slightly from 2005, to 57.1 million acres, which would be the lowest all-wheat acreage since 1972.
- Winter wheat planted area, at 41.4 million acres, was up 2% from 2005.
- Growers anticipate planting 13.9 million acres of spring wheat this year, down 1% from 2005.
To read the entire Wheat Outlook, visit: usda.mannlib.cornell.edu/reports/erssor/field/whs-bb/2006/whs06ct.pdf.