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US DATA: WASDE shows few revisions to the wheat crop statistics. 2017/18
US wheat area planted estimate unrev at 46.0m acres, while area
harvested unrev at 37.6m. Wheat production unrev at 1.741b bushels in
2017/18, while import unrev at 150m, so total supply unrev at 3.071b vs
3.402b in 2016/17. Domestic use unrev at 1.136b, down slightly from
1.167b in 2016/17, while exports rev up to 1.000b from prev 975m, so
total use rev up to 2.136b vs prev 2.111b, down from 2.222b in 2016/17.
The estimate for 2017/18 ending stocks rev down to 935m. Average farm
bushel price for wheat expected to be $4.40-$4.80 for 2017/18, unrev
from prev estimate. The average price was estimated to be $3.89 in
2016/17. Also released, the November Citrus Forecast Report showed that
the 2017/18 forecast for Florida all orange production was rev down to
50.0m boxes, the lowest since the 1945-46 season. See MNI main wire.