USDA World Agriculture Supply and Demand Reports

[joedales]

Hi Everyone:

Any thoughts on the USDA WASDE Reports.

I clipped the wheat opening summary and will put the link to the whole report below.

WASDE-442 January 12, 2007

WHEAT: Projected U.S. wheat ending stocks for
2006/07 are raised 34 million bushels this month primarily
because of changes in projected trade. Imports are
raised 10 million bushels as hard red spring and durum
wheat imports to date have been higher than expected.
Exports are lowered 25 million bushels reflecting the slow
pace of shipments and sales as a result of strong U.S.
prices. The projected price range is unchanged at $4.15
to $4.45 per bushel.

Global 2006/07 wheat production is projected 2.2 million
tons higher this month, due primarily to larger crops in
Russia and EU-25. Production is raised 1.4 million tons
in Russia and 0.7 million tons in EU-25. Global
consumption is raised 1.2 million tons this month
reflecting increases in EU-25, Russia, Ukraine, and India.
Wheat imports are reduced for Iraq and Pakistan. Higher
exports for Russia, Bulgaria, and Romania are more than
offset by lower exports for Ukraine, EU-25, India, and the
United States. With more production, global ending
stocks for 2006/07 are raised 1.1 million tons. Higher
projected stocks in the United States, EU-25, and
Ukraine drive the increase.

[URL="http://www.usda.gov/oce/commodity/wasde/"] Click Here to find the whole WASDE Report. [/URL]

[furrowtickler]

One thing to keep in mind, in EU and Rusia winter wheat is very susceptible to a cold snap which will happen sooner than later.