USDA:2017/18 Wheat Area Planted,Harvest Unrevised In Sept Est>

By Kevin Kastner

     WASHINGTON (MNI) - The USDA's monthly WASDE report showed that 

wheat area planted for 2017/18 was unrevised at 45.7 million acres, 

while area harvested was also unrevised, holding at 38.1 million acres, 

both below the levels in 2016/17, according to data released Tuesday. 

     Wheat production is estimated to be 1.739 billion bushels in 

2017/18, unrevised from the previous estimate and down significantly 

from the 2.310 billion bushel production estimate for 2016/17. The USDA 

estimated yield per acre for wheat at 45.6 bushels for 2017/18, the same 

as in the previous estimate and well below the 52.6 bushels per acre in 

2016/17. 

     Imports of wheat are expected to be stronger in the coming year, 

with 150 million bushels expected in 2017/18, unrevised from the August 

estimate and well ahead of the 118 million bushels imported in 2016/17. 

     Still, the supply of wheat is expected to be well below 2016/17 

levels, even with a stronger starting point in the year from beginning 

stocks. The USDA sees total wheat supply for 2017/18 at 3.074 billion 

bushels, the same as in August and down sharply from 3.403 billion in 

2016/17. 

     On the demand side, domestic use is seen at an unrevised 1.166 

billion bushels for 2017/18, up very slightly from 1.164 billion bushels 

in 2016/17. The projection for wheat exports is for 975 million bushels 

for 2017/18, unrevised from the previous estimate, but down from 1.055 

billion bushels in 2016/17. As a result, total use is expected to fall 

to 2.141 billion bushels in 2017/18 from 2.219 billion bushels in 

2016/17. 

     Because there were no revisions to either demand or supply, ending 

stocks were unrevised at 933 million bushels for the end of 2017/18, 

still down sharply from 1.184 billion at the end of 2016/17. 

     The 2017/18 average price per bushel of wheat is seen at 

$4.30-$4.90, a downward revision from $4.40-$5.20 in the August 

estimate. The average price was $3.89 in 2016/17. 

     Separately, the corn area harvested projection for 2017/18 was 

unrevised at 83.5 million acres, still down from 86.7 million acres in 

2016/17. The estimate for total corn supply is 16.585 billion bushels in 

2017/18, revised up from 16.573 billion bushels in the previous estimate 

but well below the 16.940 billion bushels estimated for 2016/17. 

     The soybean area harvested projection was unrevised at 88.7 

billion, up significantly from 82.7 million acres in 2016/17. The 

estimate for total soybean supply now stands at 4.801 billion bushels, 

up from 4.777 billion bushels in the previous estimate and well above 

the 4.528 billion bushels in 2016/17. 

     ** MNI Washington Bureau (202) 371-2121 ** 

[TOPICS: M$U$$$,MAUDS$]