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Published July 13, 2015, 09:32 AM

WASDE: Wheat, soybeans up for July

Projected U.S. wheat supplies for 2015 to ’16 increased 58 million bushels for July on larger beginning stocks and production, the U.S. Department of Agriculture estimates. U.S. oilseed production for 2015 to ’16 is projected at 115.1 million tons, up 1 million tons, mainly on higher soybean production.

Wheat

Projected U.S. wheat supplies for 2015 to ’16 increased 58 million bushels for July on larger beginning stocks and production. A 10-million-bushel decrease in imports is partially offsetting.

Production is up on increased spring wheat production that more than offsets decreases for hard red winter, soft red winter and white wheat.

All wheat exports for 2015 to ’16 are up 25 million bushels to 950 million on increased U.S. supplies and reduced wheat production in Canada. These exports would be up 11 percent from the low level of 2014 to ’15, but still well below the five-year average.

Corn

Projected 2015 to ’16 U.S. feed grain supplies decreased for July with reductions in corn beginning stocks and production.

Corn production for 2015 to ’16 is projected down 100 million bushels, reflecting the lower planted and harvested areas from the June 30 acreage.

Soybeans

U.S. oilseed production for 2015 to ’16 is projected at 115.1 million tons, up 1 million tons, mainly on higher soybean production. Soybean production is projected at 3,885 million bushels, up 35 million from increased harvested area.

Harvested area, forecast at 84.4 million acres in the acreage report, is 700,00 million above the June forecast.

Despite increased production, soybean supplies decreased 40 million bushels, on account of lower beginning stocks. Soybean crush is projected at 1,840 million bushels, up 10 million, reflecting increased domestic soybean meal disappearance in line with adjustments for 2014 to ’15. Soybean ending stocks are projected at 425 million bushels, down 50 million.

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