AgResource Analysis of the July WASDE Report
USDA now projects US wheat end stocks in 21/22 at 665 Mil Bu despite lower projected feed and export disappearance. Carrying was lowered 8 Mil to reflect NASS’s June 1 stocks. Production was lowered 152 Mil Bu, as spring wheat yield loss more than offset a 55 Mil Bu hike in winter wheat output. The…