Milling & Baking News - December 23, 2014 - 18

Data

U.S.D.A. lifts 2015 wheat carryover and
2014-15 average wheat price forecast
durum imports was from Canada.
Other wheat-by-class imports were unchanged from November, including hard
red spring wheat imports at a record 80
million bus, even though 2014 hard red
spring wheat production was estimated
at 556 million bus, up 65 million bus, or
13%, from 2013. There also have been
some quality concerns with the U.S. 2014
spring wheat crop, as well as lower-thanaverage protein levels.
With the exception of average price and
wheat imports and the changes affected in
total supply and carryover, all other 201415 all wheat forecasts were unchanged
from November, including food use at 960
million bus, feed use at 180 million bus and
exports at 925 million bus. Some analysts
continue to question the export forecast,
with export inspections through Dec. 11
at 12,803,086 tonnes, down 32% from the
same period last year with less than half
of the marketing year remaining. At the
same time, wheat futures prices last week
climbed to at least six month highs on concerns Russia may restrict exports due to a
poor crop there, which may provide export
opportunities for U.S. supply.
While the all-wheat export
Wheat supply, disappearance
forecast was unchanged from
November (down 21% from
2014-15 2013-14 2012-13 2011-12
1,176 million bus in 2013-14),
- (million bus) -
there were adjustments by
Supply
class. The hard red winter
Carryover
590
718
743
862
wheat export forecast was
Crop
20,26
2,135
2,252
1,999
lowered 15 million bus, to
Imports
180
169
123
112
305 million bus, the hard red
Total
2,795
3,021
3,118
2,974
spring forecast was raised 5
Domestic disappearance
Food
960
951
945
941
million bus, to 285 million
Seed
76
77
73
76
bus, the white wheat foreFeed
180
228
370
162
cast was raised 5 million bus,
Total
1,216
1,256
1,388
1,180
to 150 million bus, and the
Exports
925
1,176
1,012
1,051
durum forecast was raised 5
Total disappearance
2,141
2,432
2,400
2,231
million bus, to 30 million bus,
Ending stocks
654
590
718
743
partially offsetting the 10-million-bu increase in durum
pre-report trade estimates for 2015 carry- imports. The soft red winter wheat export
forecast was unchanged at 155 million bus.
over was 651 million bus.
The 2015 hard red winter wheat carryThe U.S.D.A. raised its forecast for 201415 wheat supply by 10 million bus, to 2,795 over was forecast at 227 million bus, up 15
million bus. This was because of an import million bus from the November projection
forecast that was raised to a record 180 mil- but down 9 million bus from 2014. The
lion bus compared with 170 million as the hard red spring wheat carryover was foreNovember projection and 169 million bus cast at 212 million bus, down 5 million bus
in 2013-14, the previous record. All of the from November but up 43 million bus, or
increase was in durum imports, which were 25%, from 169 million bus in 2014. The soft
forecast at a record 65 million bus, up 48% red winter wheat carryover was forecast at
from 44 million bus in 2013-14. The 2014 U.S. 162 million bus, unchanged from Novemdurum crop was estimated at 53 million bus, ber but up 49 million bus, or 43%, from 113
down 9% from 58 million bus in 2013, with million bus in 2014. The 2015 white wheat
quality issues further limiting milling sup- carryover was forecast at 32 million bus,
ply. The U.S.D.A. noted the entire increase in down 5 million bus from November and
KANSAS CITY - The U.S. Department
of Agriculture in its Dec. 10 World Agricultural Supply and Demand Estimates
raised from November its projection of
U.S. and world wheat carryover in 2015,
and also raised the forecast average price
of wheat paid to U.S. farmers by 10c a bu.
The average price for all wheat paid to
farmers was forecast to range between
$5.80 and $6.20 a bu in 2014-15, with the
midpoint of $6 up 10c from November and
the first increase since the initial forecast
range of $6.65 to $7.95 a bu in May (midpoint of $7.30). The December forecast
compares with $6.87 a bu in 2013-14 and
$7.77 a bu in 2012-13.
While the WASDE report overall held few
surprises, the forecast for the 2015 carryover
of corn was 1% below the average of trade
expectations, soybeans was 5% below and
wheat was slightly above. Of note were forecast record high 2014-15 U.S. wheat imports.
The U.S.D.A. forecast the carryover of
wheat on June 1, 2015, at 654 million bus,
up 10 million bus from the November projection and up 64 million bus, or 11%, from
590 million bus in 2014. The average of

18 / December 23, 2014

Milling & Baking News

down 13 million bus from 2014. The durum carryover was forecast at 22 million
bus, up 5 million bus from November and
equal to 2014 carryover.
The U.S.D.A. forecast global 2014-15
wheat production at a record 722.18 million tonnes, up 2.32 million tonnes from the
November projection and up 7.41 million
tonnes from 2013-14, the previous record.
Global ending stocks were forecast at 194.90
million tonnes compared with 192.90 million tonnes in November and 185.30 million
tonnes in 2013-14 and above the average
trade expectation of 192 million tonnes.
World wheat consumption for 2014-15
was projected at 712.58 million tonnes,
compared with 712.69 million tonnes
in November and 703.93 million tonnes
in 2013-14, and exports were projected
at 158.04 million tonnes compared with
154.92 million tonnes in November and
165.80 million tonnes last year.
"Global wheat consumption for 2014-15
is down slightly," the U.S.D.A. said. "The
biggest change is a 1.5-million-tonne decrease in European Union wheat feeding
on larger coarse grain supplies and higher
wheat exports. Canada wheat feeding
is raised 0.5 million tonnes on the larger
crop. Global ending stocks are projected 2
million tonnes higher mostly on increases
for Canada, the E.U. and Russia."
The U.S. carryover of corn on Sept. 1,
2015, was forecast at 1,998 million bus,
down 10 million bus from the November
outlook but up 762 million bus, or 62%,
from 1,236 million bus in 2014 and below
trade expectations that averaged 2,018
million bus. The adjustment to the 2015
forecast was attributed to a 10-million-bu
increase in food, seed and industrial use of
corn in 2014-15 with supply and other use
categories all unchanged.
"Expected corn use for sweeteners is
raised 10 million bus, dropping projected
corn ending stocks just below 2 billion
bus," the U.S.D.A. said.
Use of corn to produce ethanol was unchanged from November at 5,150 million
bus, up 16 million bus from last year and
equal to 36% of 2014 record corn production of 14,407 million bus.
The U.S.D.A. projected U.S. soybean carryover on Sept. 1, 2015, at 410 million bus,
down 40 million bus, or 9%, from the November projection of 450 million bus but
up 346% from 92 million bus in 2014 and
the highest since 2007. The reduction in the
December forecast reflected an additional
40 million bus in U.S. soybean exports, projected at a record 1,760 million bus.
The U.S.D.A. said the record soybean export figure reflected "the record export pace
in recent weeks and prospects for additional
sales and shipments ahead of the South
American harvest." MBN
bakingbusiness.com / world-grain.com


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - December 23, 2014

Table of Contents for the Digital Edition of Milling & Baking News - December 23, 2014

Milling & Baking News - December 23, 2014
Table of Contents
News Comment - Normalization of Cuba relations a positive, overdue step
Editorial - What will drive grain-based share prices in 2015?
Late News
Business - Grupo Bimbo acquiring Saputo Bakery for C$120 million
H&S Bakery introduces alternative fuel vehicles
General Mills bringing back French Toast Crunch cereal
Trimex finalizes purchase of Gruma wheat milling business in Mexico
Gruma to invest $50 million in new tortilla plant in Russia
Wegmans ramps up gluten-free selection in bakery department
Burger King, Tim Hortons become Restaurant Brands International
Richardson building high throughput grain elevator in Manitoba
Kellogg ceases cereal production at 90-year-old Ontario plant
Integrating Wild Flavors, ADM still on lookout for acquisitions
Dunkin’ launches DD Green: sustainable program for restaurants
Ardent Mills facility cited as top business by area chamber
Industry Activities - New Grain Foods Foundation logo in brand repositioning
Data - Ongoing shifts in regional flour output shares
U.S.D.A. lifts 2015 wheat carryover and 2014-15 average wheat price forecast
International - D.D.G.s prices spike following decision by China to lift import ban
Barilla launches China market-specific pasta
Food Ingredient Solutions - Gearing up for the Dietary Guidelines
Sweet Goods Update - Hostess puts industry back on the hot seat
Weather Outlook - U.S. Central Plains, South Russia and Ukraine dryness eased
People - Joe Glauber to retire Dec. 31 as U.S.D.A. chief economist
Morgan to transition to non-executive chairman at Krispy Kreme
Travel, hospitality company’s c.e.o. joining Cargill board
thinkThin promotes Michele Kessler to c.e.o., succeeding founder
Exports and Trade Issues - Small decrease in global flour exports leaves total above prior crop year
Education and Research - K.S.U. cites progress in fight against four wheat viruses
Supplier Innovations
Ingredient Market Trends - Long-term projections reflect mature wheat market
Ingredient Week
Classifieds
Marketplace Business Network
Ad Index
Archive
Milling & Baking News - December 23, 2014 - Milling & Baking News - December 23, 2014
Milling & Baking News - December 23, 2014 - 2
Milling & Baking News - December 23, 2014 - 3
Milling & Baking News - December 23, 2014 - News Comment - Normalization of Cuba relations a positive, overdue step
Milling & Baking News - December 23, 2014 - 5
Milling & Baking News - December 23, 2014 - 6
Milling & Baking News - December 23, 2014 - Editorial - What will drive grain-based share prices in 2015?
Milling & Baking News - December 23, 2014 - Late News
Milling & Baking News - December 23, 2014 - 9
Milling & Baking News - December 23, 2014 - General Mills bringing back French Toast Crunch cereal
Milling & Baking News - December 23, 2014 - Wegmans ramps up gluten-free selection in bakery department
Milling & Baking News - December 23, 2014 - Kellogg ceases cereal production at 90-year-old Ontario plant
Milling & Baking News - December 23, 2014 - 13
Milling & Baking News - December 23, 2014 - Ardent Mills facility cited as top business by area chamber
Milling & Baking News - December 23, 2014 - Industry Activities - New Grain Foods Foundation logo in brand repositioning
Milling & Baking News - December 23, 2014 - Data - Ongoing shifts in regional flour output shares
Milling & Baking News - December 23, 2014 - 17
Milling & Baking News - December 23, 2014 - U.S.D.A. lifts 2015 wheat carryover and 2014-15 average wheat price forecast
Milling & Baking News - December 23, 2014 - Barilla launches China market-specific pasta
Milling & Baking News - December 23, 2014 - Food Ingredient Solutions - Gearing up for the Dietary Guidelines
Milling & Baking News - December 23, 2014 - ABMauri 1
Milling & Baking News - December 23, 2014 - ABMauri 2
Milling & Baking News - December 23, 2014 - ABMauri 3
Milling & Baking News - December 23, 2014 - ABMauri 4
Milling & Baking News - December 23, 2014 - 21
Milling & Baking News - December 23, 2014 - 22
Milling & Baking News - December 23, 2014 - 23
Milling & Baking News - December 23, 2014 - Sweet Goods Update - Hostess puts industry back on the hot seat
Milling & Baking News - December 23, 2014 - 25
Milling & Baking News - December 23, 2014 - Weather Outlook - U.S. Central Plains, South Russia and Ukraine dryness eased
Milling & Baking News - December 23, 2014 - 27
Milling & Baking News - December 23, 2014 - thinkThin promotes Michele Kessler to c.e.o., succeeding founder
Milling & Baking News - December 23, 2014 - Exports and Trade Issues - Small decrease in global flour exports leaves total above prior crop year
Milling & Baking News - December 23, 2014 - Education and Research - K.S.U. cites progress in fight against four wheat viruses
Milling & Baking News - December 23, 2014 - 31
Milling & Baking News - December 23, 2014 - Supplier Innovations
Milling & Baking News - December 23, 2014 - Ingredient Market Trends - Long-term projections reflect mature wheat market
Milling & Baking News - December 23, 2014 - Ingredient Week
Milling & Baking News - December 23, 2014 - 35
Milling & Baking News - December 23, 2014 - 36
Milling & Baking News - December 23, 2014 - 37
Milling & Baking News - December 23, 2014 - 38
Milling & Baking News - December 23, 2014 - 39
Milling & Baking News - December 23, 2014 - 40
Milling & Baking News - December 23, 2014 - 41
Milling & Baking News - December 23, 2014 - Classifieds
Milling & Baking News - December 23, 2014 - Marketplace Business Network
Milling & Baking News - December 23, 2014 - 44
Milling & Baking News - December 23, 2014 - Ad Index
Milling & Baking News - December 23, 2014 - Archive
Milling & Baking News - December 23, 2014 - 47
Milling & Baking News - December 23, 2014 - 48
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