Wheat from Canada is competing with U.S. exports.
In the latest World Agricultural Supply and Demand Estimates Report, U.S. wheat exports are lowered 25-million bu this month to 775-million bu. It's the lowest level since 1971-72.
Global wheat supplies for 2015-16 are raised 2.1-million t primarily on increased beginning stocks and slightly larger production. The largest change to beginning stocks is a 2-million t increase for China, which is raised on a multi-year revision in total use.
Foreign trade is raised 2.3-million t led by a 1.5-million t increase for Canada exports on a fast pace to date.
World wheat consumption for 2015-16 is lowered 4.7-million t led by a 4-million t decrease for China as government policies reduce the food and feed uses of wheat in favor of other grains.
India's consumption is lowered 2.9-million t on government stocks data that was larger than expected.
With wheat supplies increasing and total usage decreasing, global ending stocks are raised 6.8-million t to a record 238.9-million t.
