WHEAT: Projected U.S. 2004/05 ending stocks of wheat are down 12 million bushels from last month due to a 17-million-bushel increase in domestic use that is partially offset by a 5-million-bushel increase in imports. Feed and residual use is raised 15million bushels from last month due to smaller-than-expected March 1 wheat stocks. Seed use is 2 million bushels higher due to larger-than-expected planting intentions of other spring wheat. No change is made to projected all-wheat exports but soft redwinter wheat exports are down 5 million bushels while white wheat exports are up 5 million bushels. The price range is unchanged from last month at 3.35 to 3.45 dollar per bushel. Small declines are projected for 2004/05 global trade and use but stocks are up slightly from last month. Global wheat production is down fractionally but is still a record and 71 million tons more than the previous year. Global consumption is lowered by less than 1 million tons. Global imports are down slightly from last month. The reduction in projected imports for Saudi Arabia, the Philippines, Turkey, and South Korea is only partially offset by larger imports by Nigeria, the United States, and Indonesia. Projected exports from the EU-25 are 1 million tons lower than lastmonth. Exports from Australia are down 0.5 million tons and Romania's exports are down 0.1 million tons. Global ending stocks are up about 1 million tons from last month's projection, with the largest changes occurring in the EU-25 (up 0.8 million tons),Australia (up 0.5 million tons), and the United States (down 0.3 million tons). Smaller changes in stocks are projected in many other countries. COARSE GRAINS: Projected U.S. 2004/05 ending stocks of corn are up 160 million bushels from last month due to reduced domestic use and smaller exports. Corn feed and residual is down 75 million bushels because March 1 corn stocks indicate smaller-than-expected feed use. Food, seed, and industrial use is 35 million bushels lower due primarily to slower-than-expected expansion in ethanol production. Exports are down 50 million bushels due to lagging export sales, increased competition from China, and smaller global imports. The projected price range of corn is narrowed by 5 cents on both ends to 2.00 to 2.10 dollar per bushel. Grain sorghum feed and residual is down 10 million bushels from last month's projection because March 1 grain sorghum stocks indicate smaller-than-expected feed use. However, updated data indicate larger use of grain sorghum for ethanol,which results in a 2-million bushel increase in food, seed, and industrial use. Sorghum ending stocks are up 8 million bushels from last month. The projected price range of grain sorghum is narrowed by 5 cents on both ends to 1.65 to 1.75 dollar per bushel. Projected barley feed and residual use is down 20 million bushels from last month due to larger-than-expected March 1 stocks. Barley stocks are up 20 million bushels from last month's projection. The projected season-average price of barley is 2.50dollar per bushel, compared with last month's price range of 2.45 to 2.55 dollar. No changes are made in projected oats supply or demand and the projected price of oats is 1.45 dollar per bushel, compared with last month's price range of 1.40 to 1.50 dollar. Projected global 2004/05 coarse grain supply, trade, and use are down from last month but stocks are up. Global production is lowered fractionally but remains a record at 1,003 million tons. The largest reductions in 2004/05 coarse grain crops are projected for Brazil (down 1.1 million tons) and the EU-25 (down 0.3 million tons). Production increases are projected for South Africa (up 0.5 million tons) and Australia (up 0.3 million tons). Smaller changes are projected for other countries. Global 2004/05 consumption of coarse grains is down 4.6 million tons from last month. The largest decreases projected are for the United States, Saudi Arabia, Egypt, and Ukraine which more than offset increas
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