U.S.D.A. reduces 2008 wheat carryover, raises corn

by Ron Sterk
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WASHINGTON — The U.S. Department of Agriculture forecast 2008 carryover for wheat smaller than a month earlier, corn larger and soybeans unchanged in its June supply/demand report (click here to read report).

U.S.D.A. projected carryover of wheat on June 1, 2008, at 443 million bus, down 26 million bus from May but up 26 million bus from the revised estimate for 2007 at 417 million bus. Production in 2007 was projected at 2,168 million bus, down 6 million bus from May but up 356 million bus from last year. Total wheat supply in 2007-08 was projected at 2,684 million bus, down 1 million bus from the May forecast but up 181 million bus from 2006-07. Exports in 2007-08 were projected at 1,000 million bus, up 25 million bus from May and up 90 million bus from 2006-07. Total wheat disappearance in 2007-08 was projected at 2,241 million bus, up 25 million bus from the May forecast and up 154 million bus from 2006-07. The average farm price of wheat in 2007-08 was projected at $4.50@5.10 a bu, up 15c from May and compared with $4.27 in 2006-07.

U.S. corn carryover on Sept. 1, 2008, was projected at 997 million bus, up 50 million bus from May and up 10 million bus from a year earlier. Corn production for 2007 was projected at 12,460 million bus, unchanged from May and up 18% from 2006. Total use was projected at 12,465 million bus, unchanged from May. Projected exports for 2006-07 were reduced by 50 million bus, resulting in larger beginning stocks for 2007-08.

Carryover of U.S. soybeans on Sept. 1, 2008, was projected at 320 million bus, unchanged from May but down 290 million bus, or 48%, from 610 million bus the previous year.

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