Wheat Export Prospects Continue To Improve

Only a few months remain on the current wheat marketing year, so, as to be expected, the USDA made very few changes last week to its market forecast.  However, the one change that was made, came to exports.  USDA acting Outlook Board Chairman Mark Jekanowski has increased the export expectation up to an even one billion bushels.

“That’s up 25 million from last month and that would be about 64 million more this year compared to last.”

Jekanowski noted USDA pulled down by 25 million bushels the forecast for wheat stocks for the end of this marketing year; coming in a 940 million bushels.  If that pans out, it will be the smallest ending stock levels reported in five years, 13% below last year

“Increasing use, increasing global demand, increasing exports is all good for the industry.”

Jekanowski said this export adjustment this late in the year does not change average prices.

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