In the August crop report, USDA raised 2020/21 wheat production by 14 million bushels to 1.84 billion bushels as increased hard red spring and durum production more than offset lower winter wheat production. USDA lowered food usage slightly to 962 million bushels and raised exports by 25 million bushels. Offsetting supply changes resulted in ending stocks being lowered 17 million bushels to 925 million bushels. If realized, this would be the lowest wheat ending stocks in six years. USDA lowered the season average farm price 10 cents to $4.50 per bushel on lower corn prices and reduced wheat price expectations for the remainder of the year.
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