December 12, 2011 WASDE Projects Wheat 50 Millions Bushels Higher
Latest WASDE: http://www.usda.gov/oce/commodity/wasde/latest.pdf
- U.S. wheat ending stocks for 2011/12 are projected 50 million bushels higher with reduced prospects for exports this month.
- U.S. feed grain ending stocks for 2011/12 are projected slightly higher with a small decrease in domestic corn use and a small increase in oats imports.
- Total U.S. oilseed production for 2011/12 is projected at 91.0 million tons, down slightly due to a small reduction in cottonseed.
China is reportedly buying its own corn from farmers in three provinces to boost state reserves. Brazil’s soybean harvest is starting early, enabling producers there to cut into U.S. export prospects.