Okay so boiling this all the way down to a balance sheet with assumptions... Here is the WASDE.. which I adjusted. a) "I" don't think we have as much in Stocks as USDA and since they LOWERED the 2013 corn crop "after" the fact.. ("golly tighter then we thunk it was..") it would NOT surprise "moi" if they don't pull a similar stunt.. (see a pattern?) on last year's smaller wheat crop.. (who knows.. maybe it's not as bad as 17 and 28.. but.. those were pretty good yields for here... b) I translate the shift in Acreage to equal a LOWER Yield from Illinois/ Mizzou to Kansas and Okla.. so.. "here ya go." I think the imports are still overstated.. we're not catching all the Exports and the CENSUS will find some of that.. and that exports will come back.. If you don't buy that.. add back whatever to carry out.. I'll admit that 338 myn bushels would be "light" but.. I could sure see it coming in half of what we expect it to be right now.. | | January 2015 | | | | | | | | | | | | | | | | | | | | | | | | | | WASDE - 537 - 11 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Wheat Supply and Use 1/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2012/13 | 2013/14 Est. | 2014/15 Proj. | 2014/15 Proj. | | | | 2014/15 Proj. Jon SCKs 2015/16 . | | | Dec | Jan | | | | | | | | | | Million Acres | | | | | | Area Planted | 55.3 | 56.2 | 56.8 | 56.8 | | | | 95% | 54 | | Area Harvested | 48.8 | 45.3 | 46.4 | 46.4 | | | | | | | | Bushels | | | | | | | 82% | 44.1 | | Yield per Harvested Acre | 46.2 | 47.1 | 43.7 | 43.7 | | | | | 40.1 | | | | | Million Bushels | | | | | | | | Beginning Stocks | 743 | 718 | 590 | 590 | | | | 590 | 644 | | Production | 2252 | 2135 | 2026 | 2026 | | | | 2000 | 1769 | | Imports | 123 | 169 | 180 | 180 | | | | 178 | 150 | | Supply, Total | 3118 | 3021 | 2795 | 2796 | | | | 2768 | 2563 | | Food | 945 | 952 | 960 | 960 | | | | 965 | 970 | | Seed | 73 | 77 | 76 | 74 | | | | 74 | 75 | | Feed and Residual | 370 | 226 | 180 | 150 | | | | 170 | 180 | | Domestic, Total | 1388 | 1255 | 1216 | 1184 | | | | 1209 | 1225 | | Exports | 1012 | 1176 | 925 | 925 | | | | 915 | 1000 | | Use, Total | 2400 | 2431 | 2141 | 2109 | | | | 2124 | 2225 | | Ending Stocks | 718 | 590 | 654 | 687 | | | | 644 | 338 | | CCC Inventory | 0 | 0 | 0 | 0 | | | | 0 | 0 | | Free Stocks | 718 | 590 | 654 | 687 | | | | 644 | 338 | | Outstanding Loans | 8 | 8 | 45 | 45 | | | | | | | Avg. Farm Price ($/bu) 2/ | 7.77 | 6.87 | 5.80 - 6.20 | 5.90 - 6.30 | | | | | | | | | | | | | | | | | | "I could be wrong." |