Total wheat supplies for 2011-2012 are projected down 307 million bushels, due to both smaller carryin stocks and production from 2010-2011, according to the USDA. Beginning stocks are at 809 million bushels, down 30 million bushels from May. Projected imports, at 110 million bushels, are unchanged from May, but up 10 million bushels from the 2010-2011 year.
Total projected wheat use is down 185 million bushels from 2010-2011, to 2.29 billion bushels, in spite of higher domestic use. Food use is projected at 945 million bushels, up 15 million bushels from 2010-2011, but exports are down 245 million bushels, to 1.05 billion bushels.
Total production is projected at 2.06 billion bushels, down 150 million bushels from the 2010-2011 harvest year.