The USDA has increased its outlook for domestic wheat ending stocks.
With two months left in the marketing year, the U.S. wheat carryover is now seen at 598 million bushels, up 30 million from March due to higher imports and lower exports. That’s much tighter than average for this time of year following a few years of steady to lower production and solid domestic demand. The average estimated 2022/23 farm price is $8.90 per bushel, compared to $9 a month ago and $7.63 in the previous marketing year.
