. Projectedexports are raised 25 million bushels based on the pace of sales and shipments to traditional
markets. Increases for Hard Red Winter, White, and Soft Red Winter wheat more than offset a
reduction for Hard Red Spring wheat. Ending stocks are projected 8 million bushels lower at
870 million. The 2011/12 season-average farm price is lowered 10 cents per bushel on each
end of the range to $6.95 to $7.45 per bushel.
Global wheat supplies for 2011/12 are projected 2.7 million tons higher with production raised
for Kazakhstan, Brazil, and Russia. Kazakhstan production is raised 1.5 million tons as nearly
perfect growing season weather is reflected in a new record yield. Production is raised 0.8
million tons for Brazil, in line with the latest government estimate. Production for Russia is
raised 0.2 million tons reflecting the latest official estimate.
Lower 2011/12 projected exports for Australia are more than offset by increases for the United
States and Russia. Global consumption is raised with a 1.0-million-ton increase in expected
domestic disappearance in Kazakhstan where record supplies will be difficult to store and
maintain. Global ending stocks for 2011/12 are projected 1.5 million tons higher at 210.0
million.
