Wheat stocks down from year ago

by Ron Sterk
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WASHINGTON — Stocks of wheat in all positions on Dec. 1 totaled 1,128 million bus, down 14% from 1,315 million bus a year earlier, the U.S. Department of Agriculture said in its Jan. 11 Grain Stocks report. September-December indicated disappearance was 589 million bus, up 35% from the same period in 2006. Durum stocks on Dec. 1 were 39,270,000 bus, down 24% from 51,347,000 bus the previous year. In its Jan. 11 supply/demand report, the U.S.D.A. projected carryover of wheat on June 1, 2008, at 292 million bus, up 12 million, or 4%, from December, but down 164 million, or 36%, from the previous year and still the lowest in 60 years. The decrease was the result of a 2-million-bu reduction in projected seed use and a 10-million-bu cut in feed and residual use. Projected exports were unchanged from December at 1,175 million bus. The average wheat price for 2007-08 was projected to range from $6.45@6.85 a bu, up 20c from December, compared with $4.26 in 2006-07 and well above the 1995-96 record high of $4.55.

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