TABLE 2. USDA SUPPLY/DEMAND BALANCE SHEET FOR WHEAT
May 9, 2008
|
|
|||||||||||
| 1998-99 |
1999-00 |
2000-01 |
2001-02 |
2002-03 |
2003-04 |
2004-05 |
2005-06 |
2006-07 |
Estimated
2007-08 |
Projected
2008-09 |
|
|
|
|||||||||||
| (million acres) |
|||||||||||
| Acres Set-Aside and
Diverted |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
| Acres Planted | 65.8 | 62.7 | 62.6 | 59.4 | 60.3 |
62.1
|
59.7
|
57.2
|
57.3
|
60.4
|
63.8
|
| Acres Harvested | 59.0 | 53.8 | 53.1 | 48.5 | 45.8 |
53.1
|
50.0
|
50.1
|
46.8
|
51.0
|
56.3
|
| Bu./Harvested Acre | 43.2 | 42.7 | 42.0 | 40.2 | 35.0 |
44.2
|
43.2
|
42.0
|
38.7
|
40.5
|
42.5
|
|
|
|||||||||||
| (million
bushels) |
|||||||||||
| Beginning Stocks | 722 | 946 | 950 | 876 | 777 |
491
|
546
|
540
|
571
|
456
|
239
|
| Production | 2548 | 2299 | 2232 | 1947 | 1606 |
2345
|
2158
|
2105
|
1812
|
2067
|
2394
|
| Imports | 103 | 95 | 90 | 108 | 85 |
63
|
71
|
82
|
122
|
95
|
100
|
| Total Supply | 3373 | 3340 | 3272 | 2931 | 2468 |
2899
|
2775
|
2727
|
2505
|
2618
|
2732
|
| Use: | |||||||||||
| Food | 907 | 929 | 950 | 926 | 923 |
907
|
910
|
915
|
933
|
950
|
960
|
| Seed | 81 | 92 | 80 | 83 | 84 |
80
|
78
|
78
|
81
|
88
|
84
|
| Feed and Residual | 397 | 279 | 304 | 182 | 119 |
207
|
182
|
160
|
125
|
60
|
230
|
| Total Domestic | 1385 | 1300 | 1334 | 1192 | 1126 |
1193
|
1169
|
1152
|
1140
|
1098
|
1274
|
| Exports | 1042 | 1090 | 1062 | 962 | 850 |
1159
|
1066
|
1003
|
909
|
1280
|
975
|
| Total Use | 2427 | 2390 | 2396 | 2154 | 1976 |
2353
|
2235
|
2155
|
2049
|
2378
|
2249
|
| Ending Stocks | 946 | 950 | 876 | 777 | 491 |
546
|
540
|
571
|
456
|
239
|
483
|
| Ending Stocks, % of Use | 39.0 | 39.7 | 36.6 | 35.9 | 24.9 |
23.2
|
24.2
|
26.5
|
22.2
|
10.1
|
21.5
|
| Regular Loan Rate | $2.58 | $2.58 | $2.58 | $2.58 | $2.80 |
$2.80
|
$2.75
|
$2.75
|
$2.75
|
$2.75
|
$2.75
|
|
|
|||||||||||
|
Season Avg. Farm Price |
$2.65 $2.33 |
$2.48 $2.12 |
$2.62 $2.11 |
$2.78 $2.43 |
$3.56 $3.28 |
$3.40 $3.30 |
$3.40 $2.95 |
$3.42
$3.05 |
$4.26 $3.40 |
$6.55 $5.50 |
$6.60-8.10 $5.80-7.60 |
| Source: USDA. and Hilker | |||||||||||