Projected US ending wheat stocks for the 2007/08 marketing year were raised in the January report 12 million bushels due to lower projected domestic use. The 292 million bushel figure if realized will be the lowest carryout in 60 years. Seed use was also down 2 million bushels because of the lower than expected Hard Red Winter wheat planting pace. All winter wheat planted acreage was at the low end of trade expectations at 46.6 million acres. The biggest surprise came in the HRW acreage of only 32.5 million acres planted; the trade was estimating a planted figure closer to 34.8 million acres. This is actually less than 2007-planted acres of 32.9 million bushels.
The season average farm price of wheat was raised 25-cents on both ends of the range and is now estimated at $4.55 per bushel.
World wheat carryout was raised 0.9 million tons in this months report to 110.9 million tons for the 2007 wheat crop. This compares to 124.4 million tons for the 2006 crop.
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