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Wheat Outlook Report Says Exports Up, Plantings Down

The USDA'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.