WHEAT: The U.S. wheat and wheat-by-class balance sheets are unchanged this month. The projected range for the 2006/07 season-average farm price is also unchanged at $4.20 to 4.30 dolar per bushel. Global wheat production for 2006/07 is projected at 593.1 million tons, up 1.1 million from last month on higher production in India. Production for India is raised 1.4 million tons, more than offsetting a downward revision in EU-25 of 0.2 million tons. A small reduction in Former Soviet Union output accounts for the rest of this month's 2006/07 production changes. Global consumption is raised 1.2 million tons with increases for EU-25, India, and Australia. Higher wheat feeding in Australia is expected to offset some of the decline in sorghum production and pasture and forage availability as a result of the ongoing drought. Global exports are lowered 1.0 million tons this month, reflecting a like drop in EU-25 exports. Lower production and rising domestic consumption in EU-25 are expected to limit the availability of wheat for export. Global ending stocks for 2006/07 are raised 0.4 million tons as higher stocks in India and Australia more than offset a reduction in EU-25. An upward revision this month in 2005/06 production raises 2006/07 supplies and ending stocks for Australia. COARSE GRAINS: The U.S. feed grains balance sheets are unchanged this month. Projections for the com and sorghum season-average farm prices are unchanged at 3.00 dollar to 3.40 dollar per bushel and 3.10 dollar to 3.50 dollar per bushel, respectively. The barley farm price range is raised 10 cents on the bottom end to 2.85 dollar to 2.95 dollar per bushel, reflecting strong feed barley prices. The oats farm price is tightened 5 cents on each end of the range to 1.80 dollar to 1.90 dollar per bushel.
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