Wheat Balance Sheet
The projected 2023/24 season-average farm price is lowered $0.10 per bushel to $7.20 on lower expected prices for the remainder of the marketing year.
Wheat Balance Sheet
The outlook for 2023/24 U.S. wheat this month is for larger supplies, decreased domestic use, unchanged exports, and higher ending stocks. Supplies are raised on increased imports, up 10 million bushels to 145 million, on a strong pace to date and expectations for the rest of the marketing year.
Total domestic use is projected 4 million bushels lower to 1,155 million, all on a reduction in food use following the release of the latest NASS Flour Milling Products report. July-September wheat used in milling is the smallest for this quarter since at least 2014 when NASS began reporting this series. With no other changes to the U.S. balance sheet, projected ending stocks are raised 14 million bushels to 684 million.
The projected 2023/24 season-average farm price is lowered $0.10 per bushel to $7.20 on lower expected prices for the remainder of the marketing year.
