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World Agricultural Supply
ISSN: 1554-9089 and Demand Estimates
Office of the Agricultural Marketing Service Economic Research Service
Chief Economist Farm Service Agency Foreign Agricultural Service
WASDE - 531 Approved by the World Agricultural Outlook Board July 11, 2014
NOTE: This report adopts U.S. area, yield, and production forecasts for winter wheat, durum, other spring wheat,
barley, and oats released today by the National Agricultural Statistics Service (NASS). For rice, corn, sorghum,
soybeans, and cotton, area estimates reflect the June 30 NASS Acreage report, and methods used to project
production are noted on each table. The first survey-based 2014 production forecasts for those crops will be
reported by NASS on August 12.
WHEAT: Projected U.S. wheat supplies for 2014/15 are raised this month with a sharp increase in
forecast Hard Red Spring (HRS) wheat more than offsetting a decrease for Hard Red Winter (HRW).
The HRW crop was damaged by drought and April freezes in the Southern and Central plains;
however, the HRS crop in the Northern Plains has benefitted from abundant soil moisture and cooler
than normal early summer temperatures. Yields for Durum and other spring wheat are forecast to be
above average. Feed and residual use for all wheat in 2014/15 is lowered 15 million bushels to 145
million as tight supplies of HRW wheat and relatively more attractive prices for feed grains reduce
expected feed and residual use. All wheat exports for 2014/15 are lowered 25 million bushels reflecting
expectations of large world supplies and strong competition in export markets. Ending stocks are
projected 86 million bushels higher. The projected season-average farm price range is lowered 40
cents at the midpoin
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