WHEAT: U.S. wheat supply, use, and stocks projections for 2006/07 are unchanged this month. The season-average farm price is projected at 4.20 dollar to 4.30 per dollar bushel, up 5 cents on the lower end of the range and down 15 cents on the upper end from last month. COARSE GRAINS: U.S. supply, use, and stocks projections for 2006/07 corn, barley, and oats are unchanged this month. Corn exports are unchanged this month despite stronger competition from South America supplies as Mexico corn importsare increased. U.S. sorghum exports are lowered 5 million bushels based on slowing U.S. shipments and sales to Mexico even as corn shipments and sales remain strong. Projections for the corn and oats season-average farm prices are unchanged this month at3.00 dollar to 3.40 per dollar bushel and 1.75 dollar to 1.95 per dollar bushel, respectively. The barley price range is lowered 10 cents on the top end to 2.75 dollar to 2.95 per dollar bushel reflecting prices received by producers to date. The sorghum price range is projected 10 cents higher on both ends of the range to 3.10 dollar to 3.50 per dollar bushel. Sorghum prices are forecast above corn prices this month as less sorghum forward contracting, compared with corn, has kept average prices received by producers higher for sorghum than for corn. Also boosting sorghum prices relative to corn are high feed grain prices in the Southern Plains where a substantial portion of the sorghum crop is produced and marketed. RICE: Only minor changes are madeto the U.S. 2006/07 rice supply and use projections from a month ago. On the supply side, all rice imports are raised 0.5 million cwt to 18.5 million cwt with combined medium- and short-grain imports raised 1.0 million cwt while long-grain imports are lowered 0.5 million cwt. On the use side, all rice exports are unchanged at 102 million cwt. However, exports of rough rice are lowered 2 million cwt and entirely offset by an increase in the exports of milled and brown rice (on a rough-equivalent basis).Ending stocks are raised slightly to 30.4 million cwt with long-grain stocks projected at 21.6 million cwt, and combined medium- and short-grain stocks projected at 7.9 million cwt. The season-average farm price range is lowered 5 cents per cwt on the low end and 15 cents on the high end to 9.65 dollar to 9.85 per dollar cwt, which compares to a revised 7.65 per dollar cwt in 2005/06. OILSEEDS: U.S. soybean exports for 2006/07 are projected at 1.1 billion bushels, down 20 million from last month, but still record high. This month's reduction is based on increased South America supply prospects and reduced global import demand. China projected soybean imports are reduced to 31.5 million tons, reflecting a slow start to the 2006/07 marketing year. Withsoybean crush unchanged, projected ending stocks for 2006/07 are increased to a record 595 million bushels. COTTON: This month's 2006/07 U.S. cotton estimates include sharply lower exports and higher ending stocks. No changes are made to production or domestic mill use. The export forecast is reduced nearly 8 percent to 14.5 million bales due to a combination of lower total estimated imports by China and a lower expected U.S. share of the China market. Accordingly, ending stocks are raised 1.2 million bales to 8.3 million. The forecast stocks-to-use ratio of 43 percent is the largest since 1988/89.
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