2017/18 US wheat area planted estimate at...>

US DATA: 2017/18 US wheat area planted estimate unrevised at 45.7m 

acres, while area harvested unrevised at 38.1m. Wheat production now 

1.739b bushels in 2017/18 vs prev 1.760b, while import forecast rev up 

to 150m from 140m prev, so total supply rev down to 3.074b vs 3.084b 

prev and 3.403b in 2016/17. Domestic use rev down to 1.166b in 2017/18 

vs prev 1.171b, but still up slightly from 1.164b in 2016/17, while 

exports unrevised at 975m, for total use of 2.141b vs 2.146b prev 

reported and 2.219b in 2016/17. Due to the larger decrease in supply 

relative to demand, the estimate for 2017/18 ending stocks was rev down 

to 933m from 938m in the previous estimate. Average farm bushel price 

for wheat expected to be $4.40-$5.20 for 2017/18, unrevised from the 

previous estimate. The average price was estimated to be $3.89 in 

2016/17. See MNI main wire.