WHEAT: Projected U.S. 2004/05 ending stocks of wheat are up 84 million bushels from last month due to an increase in production and reduced exports. Total wheat production is forecast at 2.123 billion bushels, up sharply from last month but down 214 million bushels from last year. Higher yields boost forecast winter and spring wheat production 20 and 44 million bushels, respectively. Durum wheat production is up fractionally even though harvested area is lower. Projected exports are down 25 million bushels from last month while food use is up 5 million bushels due to recently revised mill grind estimates released by the Bureau of the Census for calendar year 2003. The projected 2004/05 price range is down 25 cents on each end to 2.95 dollar to 3.55dollar per bushel. COARSE GRAINS: This month's outlook for 2004/05 U.S. feed grains is for a record total feed grain crop, higher use, and larger stocks. The first survey-based forecast of 2004 corn production is a record 10 923 billion bushels and up 288 million bushels from last month's projected crop, which was based on trend yields adjusted for planting progress. Projected feed and residual use of corn is up 75 million bushels from last month and up 50 million bushels from last year despite increased feeding of non-grain feed ingredients. In addition, industrial use of corn is increased with the amount of corn used to produce ethanol projected to rise 70 million bushels from last month. No change is made to projected exports. Corn ending stocks areraised 141 million bushels from last month and are up 218 million bushels from last year. The projected price range for corn is down 25 cents on each end from last month to 205 dollar to 245 dollar per bushel RICE: USDA's first survey-based forecast ofthe 2004/05 U.S. rice crop is a record 221,6 million cwt, down less than 1 percent from last month's projection but up 11 percent from 2003/04. The U.S. 2004/05 average yield is forecast at a record 6,680 pounds per acre, down 41 pounds per acre from last month, but 35 pounds per acre above 2003/04, Long-grain production is forecast at 160,9 million cwt, down 2 percent from last month, while combined medium- and short-grain production is forecast at 60,7 million cwt, 3 percent above last month. Beginning stocks in 2004/05 are raised 4 percent from a month ago, while imports are lowered 3 percent. U.S. rice exports for 2004/05 are projected at 107 million cwt, down 6 percent from last month, but 6 percent above 2003/04. Combined milled and brown rice exports are projected at 72 million cwt (rough-equivalent basis) down 6.,5 percent from last month, while rough rice exports are projected at 35 million cwt, 5 percent below last month. Domestic and residual use is unchanged from a month ago. Ending stocks are projected at 33,9 million cwt, 22 percent above last month, and 37 percent above the revised 2003/04 level. The season-average farm price is projected at 6.75 dollar to 7.25 dollar per cwt, up 50 cents on both ends from a month earlier, and compares to a revised 7.48 dollar per cwt for 2003/04. OILSEEDS: U.S.. oilseed stocks for 2004/05 are projected at 6.3 million tons, down 0,4 million tons from last month. U.S. oilseed production is projected at 88 6 million tons, down 0,,8 million tons from last month mainly due to a smaller projected soybean crop. Production forecasts for peanuts and cottonseed are above July projections. The first survey-based forecast of U.S. soybean production indicates 2004 production at 2,877 million bushels, down 63 million bushels from last month's projection, which was based on trend yields. The forecast yield is 39 1 bushels per acre, compared with last year's drought-reduced yield of 33 4 bushels per acre. Projected soybean exports are reduced 20 million bushels this month due to reduced domestic supplies and increased carryover stocks in South America. Soybean crush is also reduced, in part reflecting lower soybean meal export prospects. Soybean ending st
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