USDA: International Wheat Stocks Slightly Higher

How are the wheat figures looking internationally?

"The September 30th Stocks Report reported a little bit higher stocks than a lot of folks expected," said Acting World AG Outlook Board Chair, Chair Mark Jekanowski.  "So that caused us to have to raise our beginning stocks estimate slightly. We also reduced our production estimate based on the small grains report that was released at the same time."

Jekanowski noted other factors are impacting wheat,  such as tighter imports, reduce feed and more.  Meanwhile, exports were reduced slightly.

"Just based on the fact that US wheat exports remain pretty uncompetitive relative to other global suppliers based on where our prices are right now."

USDA forecasts wheat prices at $4.70 per bushel which is down ten cents per bushel from last month and down 46 cents a bushel from last year.

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