WHEAT: Projected U.S. wheat ending stocks for 2006/07 are raised 20 million bushels this month. Exports are lowered 25 million bushels reflecting the slow pace of shipments and sales and increased competition from higher world production and supplies.A 5-million-bushel increase in food use based on the most recent mill grind data from the U.S. Bureau of the Census partly offsets lowered exports. The price range is lowered 10 cents on the top end of the range to 4.15 dollar to 4.45 dollar per bushel.COARSE GRAINS: U.S. corn, sorghum, and oats supply and use projections for 2006/07 are all unchanged this month. Barley exports for 2006/07 are raised 5 million bushels reflecting the pace of export shipments and sales for the marketing year. Barley ending stocks are lowered correspondingly. Corn and sorghum prices are both raised 10 cents on both ends of their respective ranges to 2.90 dollar to 3.30 dollar per bushel. Barley and oats prices are unchanged. RICE: No changes in rice are made on the 2006/07 supply side from a month ago. However, on the use side, 2006/07 exports are raised 5 million cwt to 102 million cwt. Despite a reduction in exports to some markets due to biotech rice (LLRICE601), exports to other markets are doing well, particularlyto markets in the Western Hemisphere (including Mexico and Central America) and Iraq. Rough rice exports are increased 3 million cwt to 38 million cwt, while exports of combined milled and brown rice are increased 2 million cwt to 64 million cwt (on a rough basis). Long-grain exports are increased 4 million cwt and combined medium-and short-grain exports are increased 1 million cwt. As a result, ending stocks are lowered 5 million cwt to 29.5 million cwt. The season-average farm price range is raised 55 cents per cwt on the low end and increased 45 cents on the high end to 9.55 dollar to 9.95 dollar per cwt compared to 7.62 dollar per cwt in 2005/06. OILSEEDS: Total U.S. oilseed production is projected at 97.0 million tons, down fractionally due to aslight reduction in cottonseed. Soybean supply and use projections for 2006/07 are unchanged from last month. Soybean ending stocks for 2006/07 are projected at a record 565 million bushels, up 26 percent from 2005/06. Soybean oil supply, use, and endingstocks for 2006/07 are all raised this month. Despite unchanged soybean crush, soybean oil production is increased due to a higher projected extraction rate. SUGAR: Projected 2006/07 U.S. sugar supply is increased 111,000 short tons, raw value, from last month, mainly due to higher production, which more than offsets lower beginning stocks. Production is increased 177,000 tons, based on processor estimates compiled by the Farm Service Agency. Beet sugar production is increased 191,000 tons to a record5.1 million tons, while Hawaii cane sugar production is lowered 24,000 tons. Louisiana cane sugar production is unchanged based on data reported by sugarcane processors prior to recent freezes. Sugar use is unchanged. For 2005/06, processor revisions reduce ending stocks 63,000 tons. LIVESTOCK, POULTRY, AND DAIRY: Compared with last month, total forecasts for U.S. meat production is raised for 2006 but lowered for 2007. Beef production for 2006 is raised because cow slaughter during the fourth quarter is expected to remain high as cattle producers continue to respond to tight forage supplies. Small increases are made to broiler meat production but estimates for pork and turkey are unchanged from last month. The 2007 broiler meat forecasts are reduced from last month as eggs set and chick placements point to slower production growth. Beef, pork, and turkey production forecasts are unchanged. COTTON: This month's 2006/07 U.S. cotton supply and demand estimates include lower domestic mill use and exports, resulting in higher ending stocks. Production is virtually unchanged, as a significant increase for Georgia is about offset by lower estimates for the Carolinas, the Delta States, and the Californi
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