Wheat farmers responded to lower prices and unfavorable planting conditions, particularly in parts of the central and southern Plains, by reducing winter wheat plantings for the 2000 crop by 515,000 acres, down 1 percent from a year earlier and the lowest since 1972. Larger beginning stocks will be partially offsetting, however, leaving the total supply about 4 percent below the current marketing year that ends on May 31.
Total use is forecast down slightly because of smaller feed and residual use.
However, the smaller use will exceed production, and ending stocks will decline. Use will trail production, and stocks will approach 1 billion bushels. Another year of disappointing exports is projected because of strong competition from foreign exporters. Global imports are up slightly, but the U.S. market share will decline this year. Printed copies of the Wheat Yearbook will be available in about 3 weeks.